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Tunisia: The man who 
takes the place 
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No. 30,384 


EUROPE’S BUSINESS NEWSPAPER 

Monday November 9 1967 


D 8523 A 


Militants 
capture 
Europeans 
off Israel 


World Bank 
to give India 
drought aid 
of$500m 


A yacht carrying eight Europe- THE WOULD BANK plans to in- 
ans. including two children, is crease its aid to India by 
reported to have been seized in $400m-500m this year to help 
the Eastern Mediterranean af- the country overcome the ef- 
ter their boat ciaw»m d with a fects of a drought which is ex- 
seabome unit of the radical pected to add about $Ibn to the 
Aim Nidbal guerrilla organ isa- annual balance of payments 
tion near Ghaza. It was an ap- deficit and almost halt econom- 
parent attempt by the guerrilla ic growth. Pages 
group to embarrass the Arab 


League summit conference, 
which opened in Amman yester- 
day. Page 4- 

Assad at Arab sixfiuntt 

An emergency Arab summit, 
which has begun in Amman, is 
likely .to be dominated by Presi- 
dent Hafez al-Assad of Syria, 
whose support of Iran in the 
Gulf war has deeply angered re- 
gional neighbours. Page 4 


EUROPEAN . 

The dollar’s fall to record lows 
created Anther strains within 
the EM5 last week. Co-ordi- 
nated action by French and 
West German central banks re- 
sulted in a half-point cut in the 
Bundesbank’s Lombard rates 
and a three-quarterpoint rise 
in the French central bank’s 
money market intervention 
rate. 


Iran fires missile 


- However, much of the benefit 
. was offfcet by a farther decline 
in US interest rates and the 
Iran says it has fired two sur- French franc was still trading 
face-to-surface missiles at . close to its floor level against 
Baghdad in retaliation for the D-Mark. The franc was also 
stepped-up attacks by Iraq very weak against its Ecu can- 
aimed at impressing the Arab traf rate, although it finished 


League mmm it 

Egypt impounds ship 

Egypt has impounded a Dutch 
cargo ship and is seeking $97m 
compensation for oU pollution 
to the Sinai coastline: 

Lebanon strike 

Mr Antoine Bishara, General 
Confederation of Labour 
Unions president in 
has pledged that a 
strike in protest over an eco- 
nomic crisis 'will continue in- 
definitely* until measures are 
taken to halt the deterioration. 

Dublin fights EC plan ' 

Dublin is fighting to delay aEn- 
ropean Commission proposal to 
impose VAT on frisk grey- 
hounds and thoroughbred race- 
humPagtS 


the week above its worst level. 

Officials remained convinced 
that measures to support the 
EMS and avert a realignment 
would prove successful only In 
the short term unless there was 
real progress made In trying to 
reduce the US budget deficit 


Bonn uncovers racket 

Bonn has uncovered a steel 
cirtnppHng racket Involving the 
sale by European steel traders 
of more than XSGOfim CHl&Sm> 
of East German steel in Western 

Europe; the US and Turkey in 

1965 and D**L Page* 

Under EHstemeyM 

A group of Warsaw Faetnfficera 

. has arrived in Scotland to at- 

tend British military manoeu- 
vres, the first to do so tinder an 
East-West security agreement 

Chirac promise 

Prime Minister Jacques Chirac 
has promised French Jews he 
will never ally himself or his 
party with the extreme right - a 
clear reference to the policies 
of the ultra-right National 
Front of Mr Jean-Marie Le Pen. 

Sri Lanka security 

Navy and air force personnel 
are guarding key installatio ns 
in Colombo as Sri Lankan 
troops fan out through the city 
after a "maximum .security* 
alert Page 2 

South Koreans cheer 

Thousands of South Koreans 
cheered as presidential candi- 
date Mr Kim DaeJung de- 
nounced President Chun Doo- 
H wan’s Government and called 
for formation of an interim gov- 
ernment 

Argentina inflation . 

Argentina’s inflation figures 
leapt to their highest level -in 
two-and-a-half years last month, 
partially as a result of the Gov- 
ernment’s new economic mea- 
sures designed to reduce fiscal 
deficit Page 2 

South Africa fighting 

The vicious in- fighting between 
rival warlords for political con- 
" trol over black townships in ar- 
eas of Natal has claimed five 
more victims, despite a top-lev- 
el peace meeting. Page 3 

Kenya tough stand 

President Daniel Arap Moi has 
ordered Kenyans to surrender 
all foreign currency being held 
illegally by November 13. Po- 
lice recently arrested several 
people who to remit the 
proceeds of their coffee ex- 
ports. 


EMS 


6 November 1987 



Bomb kills 11 civilians at Northern Ireland ceremony 


ELEVEN PEOPLE were killed 
and 55 injured when a '301b ter- 
rorist bomb exploded minutes 
before a Remembrance Day ser- 
vice in Northern Ireland yester- 
day. 

The blast ripped through the 
Fermanagh town, Enniskillen, 
as hundreds of men, woman and 
children were gathering for the 
annual wreath-laying ceremo- 
ny, which commemorates the 
dead In world wars and other 
conflicts. 

Four married couples, a re- 
tired policeman and a young 
nurse were among the six men 
and five women confirmed dead 
in one of Ulster's worst terrorist 
atrocities. 

The local army centre was 
used as a temporary morgue, as 
doctors and nurses of the near- 
by Erne hospital worked fiat out 
to treat casualties, whose ages 
ranged from 10 to 74. 

There were scenes of chaos as 
the blast collapsed a gable wall 


BY OUR BELFAST CORRESPONDENT AMD USA WOOD M LONDON 


of a building, burying dozens of nLddUea. I ask society to ask it- 
civilians who had gathered to 
watch the parade. 

People who escaped injury 
began digging through the rub- 
ble with their bare hands In a 
bid to free the trapped. School 
children wandered around aim- 


lessly screaming for their par- 
ents, as the emergency services 
rushed to the scene. 

Dr Robin Eames, the Church 
of Ireland Primate, who had 
been scheduled to preach in the 
nearby St MacCartan’s Cathe- 
dral, instead went immi 

to the hospital. Dr Eames 

he would never forget what he 
saw. 

He said that the culprits had 
deliberately placed the txtmb 
Where it WOUld Cause marimnm 

carnage. 

The miracle is that there was 
not a wholesale massacre in En- 


self how can you excuse that?* 
he said. 

Mrs Margaret Thatcher, the 
British Prime Minister, said: "It 
is the most cruel, callous action 
we have heard of for a long 

thing * 0181 ' laburnum 
nature.” 

Referring to the Irish Repub- 
lican Army, she said* I hope 
that everyone the world over 
who ever had any sympathy, 
however misplaced, for these 
people, will offer none now.” 


Some 2,600 


have been 


killed since 1969 ^Northern Ir- 
eland's latest cycle of sectarian 
violence embroiling fee ISA. 
Protestant extremists, fee Royal 
Ulster Constabulary and fee 
British Army. 


In 1972, British troops killed 
33 Catholics during "Bloody 
Sunday” demonstrations in the 
Northern Ireland city of Lon- 
donderry while in 1979, Mr Air- 
ey Neave, fee Conservative Par- 
ty's spokesman on Northern 
Ireland was killed by a bomb in 
.fee underground carpark of fee 
British parliament and Lord 
Mount batten, a cousin of the 
Queen, was killed when a bomb 
destroyed his fishing boat off 
fee Irish coast. 

Mr Tom King, the Northern Ir- 
eland Secretary, said 'an ap- 
paffinjt outrage” had been com- 

He said: 'Anyone who 
planned this outrage knew for 
certainty that among the casual- 
ties there would be pensioners, 
young people and children. It is 
difficult to conceive a more ap- 
palling and callous outrage. 



than has been committed. The 
RUC will do all they can to 
bring those people to justice.” 

Mr Ken Maglnnis, Official 
Unionist MP for Ferma nag h 
and South Tyrone, accused the 
Government of having aban- 
doned his c o ns titu ency to the 
t er ro ri sts. 

He said that British politi- 
cians in England would be gra- 


cious and sympathetic, but he 
added: “When they go home to 
their constituencies next week- 
end, they will have forgotten 
Ken Magi nn is and fee people of 
-Fermanagh and Tyrone, as they 
have done for the last 17 years.” 

Other British political lead- 
era, many of whom attended the 
Service of Remembrance in 
London yesterday, spoke out 
against the RnnUIrillnn mur- 
ders. 

Mr Neil Kinnock, leader of 
the Labour Parly said: * This at- 
tack by fee IRA shows a new 
depth of vicious cowardice. It is 
an atrocity against ordinary 
people honouring those who 
fought to get the very freedom 
that terrorism wants to destroy.” 

The Queen, in a statement, 
said: *T was deeply shocked to 
hear of fee atrocity which took 
place in Enniskillen today and 
of fee innocent victims who 
were sharing in fee nation’s Re- 
membrance.” 


Signs grow of accord 
on measures to cut 

US deficit by $23bn 


BY STEWART FLEMNG, US EDITOR, IN WASHMGTON 

MR JIM WRIGHT, fee Demo- 
cratic Speaker of fee House of 


, insisted 

. feat Washington can and 
will pass a budget deficit reduc- 
tion package of at least $23bn 
within the next two weeks. 


told Congressional negotiators 
that he is ready to discuss a sub- 
stantive package of tax in- 
creases as part of a $23bn defi- 
cit reduction package provided 
Democrats on Capitol HU1 com- 
mit themselves to spending 


Mr Wright’s remarks came ' cuts. His move is seen as an ef- 
amid signs feat fee third week fortto accelerate the talks. 


Malawi plane missing 

Three British businessmen axe 
among - 10 people . missing 
aboard a Malawian charter 
plane which has reportedly 
been shot down over Mozambi- 
que. Page 3 

CONTENTS* — — — 

g-fi Editorial comment 


The chart shows the two con- 
stn an ts .on European Monetary 
Sw&em esehanoc-rutes- The -upper 
'grid, based on the weakest curreur' 
cy ip fee jqpffcffvjjsfittte theerass- 
rates from which no currency (ex- 
cept the tiro) may move by more 
than 2% per cent. The lower chart 
earn -currency’s dmergence 
. the “central note* against the 
European Currency Inst fECUJ, 
itseif derived from a basket qf Eu- 
ropean currencies. 

TOKYO: Nikkei market average 
closed 158.01 down at 22,637.01, 
after small-lot profit-taking in a 
quiet Saturday half-day session. 
World stock markets, page 43 

PORTUGAL has forecast 3.75 
per cent growth in gross domes- 
tic product for 1988, following 5 
per cent this year. Page B 

WEST GERMAN capital invest- 
ment Is likely to grow by only 1 
per cent in real terms next year, 
says the Munich-based IFO eco- 
nomic research institute. Page S 

GOTABANKEN, Sweden’s 
fourth largest quoted commer- 
cial bank, said profits would be 
halved this year following re- 
cent . optlons-trading losses. 
Page 23 

GRUPO Industrial Alfa, Mexi- 
co’s biggest holding company, 
has ceded 45 per cent of its 
stock to international banks in 
exchange for writing off nearly 
flbn of the group’s £2L7bn for- 
eign borrowing, the largest: pri- 
vate foreign debt In Latin Amer- 
ica. Page 24 

THORN EMI is to sell its hold- 
ing in the project J2T, a joint 
venture with JVC of Japan and 
Thomson of France to produce 
video cassettes. Page 12 

CITICORP has offered to buy 
fee near-bankrupt ■ Financial 
Corporation of America, for 
which Ford Motor subsidiary 
First Nationwide Bank Jias 
made an undisclosed bid. Page 
as 

ESTABLISHMENT of a compa- 
ny to take over the Third World 

debt exposure of ofikhore banks 
based in Bahrain Is under ac- 
tive consideration. Page 28 

BURLINGTON Industries, . US 
textiles group taken private last 
summer by a group of investors 
led by Morgan Stanley, the Wall’ 
Street investment bank, has. an-' 
.nouneed its first asset disposal. 
Page 28 


of negotiations between the 
White House and Congress 
aimed at cutting fee budget def- 
icit could be more fruitful thwn 
fee first two weeks of talk* 
which had made little progress. 

Ironically, the fiasco sur- 
rounding fee Supreme Court 
nomination of Judge Douglas 
Ginzburg could make a budget 
compromise more likely. He 
was fee right-wing candidate 
nominated by President Ronald 
Reagan after the Senate reject- 
ed the President’s eariier nomi- 
nation of Judge Robert Boric. . 

The collapse of his nomina- 
tion. is. a setback for the conser- 
vatives and .may weaken their 
influence oh the budget issues. 
They haye been pressing, the 
President not ta concede a tax 
Increase as part of a budget 
compromise. 

There were also some signs 
over the weekend feat White 
House moderates may be press- 
ing harder for a budget deaL 
The New York Times reported 


The Washington Post yester- 
day. published a report which 
quoted friends of Mr Howard 
Baker, fee White House Chief qf 
' Staff criticising him for not b©^ 
tag more forceful in resisting 
pressures from Administration 
conservatives. The report could 
be read as an- effort to push-Mr 
Baker, a prgamatistnhd a mod- 
erate, to use his influence to 
seek solutions to problems such 
as fee deficit ana not allow the 
confrontational, tactics . of the - 
right wing to be so influential. , 

. . Mr Wright yesterday contin- 
ued to press for a budget pack-' 
age comprising tax increases, 
and spending cute, including 
postponing next year’s redac- 
tion in fee top tax rate for weal- 
thier tax payees and stretching 
out procurement programmes 
for fee Defence Department in 
order to reduce defence spend- 


however widely shared. 

Although fee pace of negotia- 
tion In fee deficit talks Is show- 
ing «igna of quickening as fee 
apparent deadline of November 
20 approaches - the date when, 
under fee Gramm-Budman bud- 
get process, $23bn of automatic 
spending cuts would be trig- 
gered- politicians on both aides 
of . fee asile are predicting that 
it is unlikely a fiwi 
win be achieved before the 
deadline is reached. 

Aiatole Kaletaky writes Brent 
New York: For traders in- 
vestors on Wall Street, fee pos- 
sibility of a budget settlement 
provides the main reason for 
nope. In what could otherwise 
tarn out to be another 
nerve-wracking and unstable 
week. 

■ Equity traders went home In 
poor spirits on Friday, alter an- 
other attempted r&lly petered 
out and the Dow Jones Industri- 
al Average again foiled to break 
through , fee psychologically, im- 
portant 2£00 mark ending fee 
weeks* L959I.OOL 

The farther weakening of fee 
jnTlar- in fee foreign exchanges 
on Friday night and Saturday 
morning’s news of a fan in the 
'ces during 


mg. 

He expressed optimism about Japanese stock 
getting a medium-term deficit the Tokyo market?* halfday 
reduction package^tarting with weekend tradi n g has not helped 

morale over the 


The New York Times reported reduction pacxage^carang wiin weexena i 
yesterday that Mr James Baker, . more than $23bn in fee current investors’ 
fee Treasury Secretary, had year, *** optimism which is not weekend. 

Lawson promises to maintain 
growth of British economy 


BY PEIB1 RIDDELL POLITICAL EDITOR 

THE UK Government was 
pared to take action, iuel 
ratting Interest rates, to ensure 
that the British economy contin- 
ued to grow and was as little af- 
fected as possible by any US 
and international d ownturn , Mr 
Nigel Lawson, the Chancellor of 
file Exchequer, said yesterday. 

This message of reassurance 
was repeatedly offered yester- 
day by Mr Lawson during an in- 
terview on independent televi- 
sion. 

It reflects a shift of emphasis 
in the Gavemmentfs presenta- 
tion after concern among some 
ministers at the end of last week 
that the Government was mak- 
ing British policy too depen- 
dent on the uncertainties of 
agreement between fee Reagan- 
administration and Congress on 
a package reducing the US bnd- 
get deficit 

Mr Lawson yesterday reiterat- 
ed his hope, and belief that a 
two-year package of tax in- 
creases and spending cute 
would soon be agreed and fol- 
lowed by wider interna ti ona l 
action. . 

He thought all countries were 
concerned to have a degree of 
stability in wchang e rates. "In 
fee light of recent events it is all 
fee more important that Ameri- 
ca herself folly to 

in deeds as well as words,” he 
said. 

But he emphasised that what 
ever happened in the - US, he 
was already making plans to en- 
sure that the British economy 
wu defended. Arguing that the 
British economy started from 
fan exceptionally strong 
tion”, the Chancellor 


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Nigel Lawson: ready far actien 


never in my lifetime been more 
efficient and competitive? He 
deliberately hedged about the 

was prepared "to react quickly 

if necessary to keep fee British £*?£.#£ 

economy going ahead as well as 

it is.” He was ready to cut inter- limotre^^eniaowic tore- 
est rates again if necessary. c ^L n £rS?, 

He did not believe that there But he em; 


would be a world recession, 
which "can, must and will be 
av e rted.” He would ensure that 
the British economy went on 
growing so that the UK was not 
Involved in a slump. 

*1 will take whatever mea- 
. sores are necessary to ensure 
that the British economy is se- 
cure and affected as little u 


Mr Lawson presented an opti- 
mistic view of the economy 
which had weathered the 
8tonu of a year-long coal strike 

and the collapse of the oil price. 
He said: "British industry has 


that the 

yardstick would be that the 
British economy would be 
sound to go ahead. It was highly 
unlikely that this would involve 
any increase in taxation be- 
cause public finances were so 
sound. 

Mr Lawson also defended 
what he described as his ”frankT 

warning last week to fee US 
about its budget deficit. Since 
1979, the Government had prac- 
tised and not just preached " 
concentrating on cutting a hi 
Inherited level of public bor- 
rowing and being prepared to( 

taxes in 1SSL 

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MONDAY 
PAGE * 
INTERVIEW 

Norman Tebbit, 
former 

UK Conservative ' 
Party chairman, 
describes 
his vision of Tory 
populism 
to Peter Riddell 


West Germany: Steel smuggling racket 

uncovered 6 

Soviet Estonia: On the jagged edge of 

glasnost ; — : 20 

Editorial comment: Europe s aims in 
space; An agenda for Hr Take shits H 20 
Accounting standards: A time to get 

tough 21. 

Lombard: Michael Prowse examines 
the ethics of workfare 21 

Lex: Forming a queue for the Eurotun- 
nel , — 22 

Management: Moulding managers for 
the multinationals 42 


Reagan is 
forced to 
nominate 
third judge 

” tBSmm *-■ 

py wwey i^ ii i i w t i—n ii y iu ii 

I AS JUDGE Dongtos Gtosbuxg, 
'President Ronald Reagan’s 
1 socend choice to fin a vacancy 
•n fee US Supreme Coart, ex- 
itel stage left yesterd^, after* 
ry of activity in fee wings Indi- 
cated fee imminent arrival af 

: an understudy. 


'the _ 

to be President Reagan’s feint 
choice for fee job, was flown 
into Washington on Saturday 
light on a government air- 
craft Judge Kennedy, a feder- 
al Appeals Curt Judge from 
'CaEfeoiia, was re p sitedly the 
choice of Mr Howard Baker, 
White House Chief of Staff 
when Mr Gbsabmrg was nomi- 
nated. Although Judge Kenne- 
dy Is a conservative, he was 
considered toe moderate by Mr 
Edwin Meese, the Attorney 
General, who successfully se- 
oqredrthe President’s approval 
ftrMrGinsbnrg. 

^aW reported under consid- 
eration for the Job Is Judge 
William Wilkins, an Appeals- 
.Carolina. 


Court 


in Sooth < 


to nominate a candidate 
hind it, the Keegan Admlnig- - 
tratton cannot afford another 
mistake. The apparent lack at 
preparation feat wont Into 
Judge 


tration’s friends and enemies. 

There is a lot at stake If the 
Administration cannot prove 
its competence in relations 
wife Congress. Delicate nego- 
tiations are underway on Capi- 
tal H1U ever fee budget deficit 
and fee debate over ratifica- 
.fem of a deal wife the Soviet 

Continued on Page 22 


Carmakers defy 
Brazil’s ban 
on price rises 


BY IVD DAWNAY M mO DE JANEIRO 


DIRECTORS of Antolatina - 
Ford and Volkswagen's Brazil- 
ian holding company - must de- 
cide today whether to continue 
defying the government over 
car prices and risk jail, or to 
give way and cut prices. 

At the weekend, fee company 
appeared determined to contin- 
ue its 'civil disobedience” strat- 
egy, despite punitive measures 
hy Brasilia aimed at forcing the. 
motor manufacturers to with- 
draw price increases on their 
earn unilaterally imposed last 
week 

The clash between Antolatina 
and the government of Presi- 
dent Jose Sarney has caused a 
sensation in business circles. It 
began last week when, after 
months of disputes with the au- 
thorities, the company ignored 
an authorised 103 per cent 
price increase and lifted prices 
by an average 28 percent 
* Advertisements taken by the 
company claimed that the ac- 
tion .was justified and legal as 
the government had failed to 
honour guarantees on profit- 
ability made by the Finance 
Ministry in a negotiated accord 
in ApriL 

Mr Loiz Carlos Bresser Per- 
eira. the Finance Minister, de- 
nied fee deal was legally bind- 
ing and threatened fierce 
measures if fee company did 
not conform to the prices laid 
down by the Inte rmlnisterial 
Prices Council (CIF). 

Despite fee warning. Autola- 
tina continued to enforce its 
new charges, provoking retalia- 
tory action late on Friday. 

Using seldom-invoked nation- 
al security legislation, the gov- 
ernment has: 


• Suspended all routine credit, 
foreign exchange and import- 
export licences supplied to the 
company by the Central Bank 
and fee official trade agency, 
Cacex. 

• Threatened Anther sanctions 
under laws that included the 
right to sequestrate property 
and carry criminal sentences of 
up to two years. 

• Ordered price watchdogs and 
tax officials to launch Investiga- 
tions into the company’s ac- 
counts. 

The dispute comes after years 
of conflict between foreign car 
manufacturers and the Brazil- 
ian Government Neither Ford 
nor VW have made profits in the 
Brazilian market since 1980, 
and the companies claim that 
taxes of over 30 per cent on 
. their products ensure that 
losses are Incurred on every car 
sold. ... 

The companies united under 
the new name, Antolatina, a 
year ago in a move that, analysts 
claimed, was dictated as much 
by common political interest as 
industrial logic. 

Last month, despite high con- 
sumer demand, Antolatina 
stopped production and laid off 
a large proportion of its 56,000- 
strong wor k force in protest at 
fixed prices. The seriousness of 
its current action suggests that 
local directors have received 
approval from the highest level 
of their parent companies in the 
US and West Germany. 

A legal ruling on Autolatina’s 
court action against the govern- 
ment, which demands compli- 
ance with fee April accord, is 
not expected for 10 days. 


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OVERSEAS NEWS 


Troops out in Colombo amid security alert 


BY MERVYNDE SILVA M COLOMBO ANDJOHN BJJOTTIN NEW DELHI 


NAVY and air force personnel 

S arded key installations in 
lombo yesterday as Sri Lan- 
kan troops fanned out in the city 
and its suburbs following a 
'maximum security* alert. 

The alert was called by Lt- 
Gen. ' Cyril Ranatunge some 
hours after President Junius 
Jayewardene returned to the is- 
land. 

Mr Jayewardene, who attend- 
ed the South Asian summit in 
Katmandu, spent three days in 
New Delhi, on an unscheduled 
visit, to discuss with Mr Rajiv 
Gandhi, India's Prime Minister, 
’residual problems’ arising 
from the peace accord they 
signed in late July. These in- 
cluded proposed legislation 
which will go before the Sri 
Lankan parliament this week. 

The tight security measures* 
which will be relaxed only at 
the end of the week, followed 
intelligence reports that the ex- 
tremist JVP, a proscribed party, 
was planning terrorist attacks 
in Colombo. 

Since the July agreement, a 
Sri I ■« nong overnment MP has 


INDIAN troops trying to dis- 
arm Tamil guerrillas in Sri 
Lanka killed 11 rebels In the 
northern Jaffa* peninsula, 
newspapers said yesterday, 
Reuter reports from Colombo. 

The Weekend newspaper 
said the Liberation Tigers' 
started the battle by firing at 
Indian soldiers guarding i 
harbour at KankesantfanraL 
More than 20,000 Indian 
troops have been posted to Sri 
i jura to disarm the Tigers and 
other groups opposed to the Ju- 
ly 29 peace accord aimed at 
tiding four yean of violence 
between minority Tamils and 
majority Sinhalese. 

been killed and many promi- 
nent members oF the ruling 
UNP assaulted. Some 62 mid- 
rung ONP actlritists have been 
murdered. 

On August 18, President Jaye- 
wardene narrowly escaped 
death in a grenade attack in- 
parliament which seriously 
wounded many MPsJncluding 
three ministers. 


Last week, all government 
MPa who have been threatened 
received a ■final warning 1 
printed in red. Mr. Jaya war- 
dene has now 'allowed each 
UNP MP to have armed guards 
as personal security staff 

President Jayawardene left 
New Delhi on Saturday evening, 
having foiled to satisfr Mr Gan- 
dhi and Indian officials that 
constitutional changes which 
will be brought before Parlia- 
ment this week folly reflect all 
the devolutionary proposals 
contained in the July 29 agree- 
ment between the two coun- 
tries. 

The constitutional amend- 
ment and the provincial Council 
bill will be the first legislative 
steps to implement the accord. 

Mr Jayawardene’s talks with 
Mr Gandhi were extended for a 
third day because of problems 

over the bill. Experts argue that 
it reduces the proposed inde- 
pendence of new provincial ad- 
ra lus trations from the central 
government, and also does not 
satisfactorily protect Tamil ar- 


eas from 'colonisation" by the 
majority Sinhalese. 

But Mr Jayewardene reftuwd 
to agree to amend the legislar 
tum, and only said there would, 
be more discussions 'after par- 
liament had passed the bills.' 

■Some points on the devolu- 
ttonaxy package have been re- 
solved. On others, they have as- 
sured us that they will look into 
them,' said Sir G andhi. 

Mr Jayawardene is also under 
pressure over the bills at home, 
.where anti-UNP anger over ac- 
cumulated grievances is boiling 
up. The Opposition has seized 
on the 'peace accord* aa an ide- 
al rallying point, and sought to 
the bill's 


constdtu- 


challenge 
tdonality. 

On Friday, the supreme court 

S ve its ruling on the issue, the 
U contents of which will not 
be knows until Tuesday. But at 
least one Sunday, newspaper re- 
ported that the judges were di- 
vided five to four in favour of 
thebilL 

The proposed legislation 
needs a two-third majority in 
Parliament With an over- 



Jayeirardenemnder pressure 

whelming 140 votes in a house 
of 168, the UNP has no worries 
on that count But the govern- 
ment's parliamentary strength 
is deceptive, and its position 
vulnerable to mounting electo- 
rial pressures. 


World Bank aid for India 


BY JOHN ELUOTTIN NEW DELHI 

THE WORLD Bank plans to In- 
crease its aid to India by 
$400m-500m this year to help 
the country overcome the ef- 
fects of a drought which is ex- 
pected to add about $lbn to the 
annual balance of payments 
deficit and almost halt econom- 
ic growth. 

The aid includes a new $35Qm 
quick-disbursing loan to fi- 
nance imports such as edible 
oil, fodder, and petroleum prod- 
ucts which are needed urgently 
to couneract the drought Other 
bank aid is to be speeded up. 

Announcing the loan in New 
Delhi over the weekend , Mr 
Barber Conable, president of 
the World Bank, said be had of- 
fered the bank’s help in a letter 
to Mr Rajiv Gandhi, Indian 
Prime Minister. This was 'on 
the basis of the long relation- 
ship between the Bank and In- 
dia which is our largest borrow- 
er*. The extra funds were to 
■help India maintain Its growth 
rate” and to offoet the risk of it 
'coming under pressure not to 
import the elements of growth*. 

A statement issued by Mr Con- 
able said that India’s growth of 
Gross Domestic Product in the 
current year was expected to be 
"negligible* and that agricultur- 
al output 'could well decline by 
10 per cent*. Last year GDP grew 
by 4.5 to 5 per cent and the agri- 



Opposition set to 
6 lay siege 9 in Dhaka 


BY SAVED KAMALUDMN IN DHAKA 


ConaMemfffcrto 


cultural sector by 1 per cent 
The net cost of the drought on 
the balance of payments was ex- 
pected to reach ?lbn 'over the 
next 12 months or so”. 

It is understood that Mr Cona- 
ble and his colleagues seized 
the opportunity of Die drought 
to demonstrate that changes 
this year in the bank's manage- 
ment had not altered its allegi- 
ence to India. 

Mr Conable praised Mr Gan- 


dhi, with whom he had lunch 
last Friday, for his continuing 
commitment to economic liber- 
alisation. Mr Gandhi's 'perspec- 
tive is refreshing, his interests 
widespread*, said Mr Conable, 
who is in India on a five-day vis- 
it 

India now expects to receive 
more than 91 bn in fresh or ac- 
celerated aid during the coming 
12 to 18 months to help with the 
economic costs of the drought 


UNCERTAINTY gripped Bang- 
ladesh’s capital yesterday as 
the mainline opposition alli- 
ances demanded President 
Hussain Mohammad 1 Ershad’s 
resignation and prepared to lay 
a 'siege in Dhaka 1 ’ tomorrow. 

The alliances have still not 
j announced their concrete pro- 
gramme for file day of opposi- 
tion to the president's adminis- 
tration, which has sparked 
widespread rumours in tills po- 
litically volatile country, fur-, 
jther contributing to tensions 
! and uncertainties. 

A potentially violent situation 
was averted yesterday when the 
ruling Jatiya Party, the Awami 
League-led eight-party alliance 
and the Bangladesh Nationalist 
Party seven-party alliance put 
off three aeperate rallies In the 
city scheduled for the same 
time. 

Meanwhile, three people 
were shot in the southern town 
I of Barisal when demonstrators 
dashed with police, Awami 
j League officials said. Police 
said they were still awaiting: de- 
tails. The procession was held 
as a protest at the death of a stu- 
dent leader. Further protest 


rallies in Barisal and elsewhere 
axe expected today. 

The government has’ planned 
to stop running all state-owned 
communication systems - rail- 
ways, bus and steamer sendees - 
from today, to prevent people 
coming into the capital. 

The capital’s two universities 
and all colleges have been 
dosed for one week and stu- 
dents asked to vacate their dor- 
mitories.. This came as a sur- 
prise because for the first time 
in many years, Dhaka Universi- 
ty campus - a hotbed of politics - 
remained calm. 

Mr at a u«tin [ tha home af- 
fairs minister^aid that so for, 
600 political worke rs had been 
arrested under the Special 
Powers Act, of whom 250 were 
from Dhaka alone. However, 
headmitted that other people 
were being arrested daily on 
'specific charges.' 

Under the Special Powers 
Act, anybody can be kept in de- 
tention for one month without 
any specific charge. The opposi- 
tion parties claim over 0,000 po- 
litical workers have so for been 
arrested, which the government 
denies. 


Dublin to 
fight VAT 
on horses 
and hounds 

ByWMam D— hlna In B ruts s Is 
THE Dublin Government is 
fighting tooth and nail to felsqr 
a European Commission pro- 
posal to impose VAT on Irish 
greyhounds and thoroughbred 
racehorses. 

The threat comes tn the form 
of a Commission plan to scrap 
many of the VAT exemptions 
European Community mem- 
ber-states are allowed to set for 
Mods mid services from foot- 
ball match tickets to travel 

agents' fees. 

If Dublin loses the fight. It 
would be a severe blew to the 
thousands of citizens who 
breed greyhounds in their 
back gardens in the hope of 
one day producing a winner. 

Brussels wants to scrap a 
wide range of these special ex- 
emption) as soon as possible, 
in line with Ha ca mpai gn to 
achieve a barrier-free internal 
market for EC citizens and 
their animals by 1992. 

The tax position of Irish 
greyhounds and thorough- 
breds has been a contr over sial 
point at meetings between na- 
tional officials of the 12 mem- 
ber-states over the past few 
days. They have been strug- 
gling to agree a Ust of previ- 
ously ex emp t items, inclndhig 
British cultural and sports *er- 
vices, to come Into the VAT 
net, in time to be sanctioned by 
the next meeting of EC Fi- 
nance Ministers as Nove mb er 
16- 

The Irish argne that the im- 
position of VAT an racing 
beasts by the January 1 xust 
.deadline set by the Commis- 
sion could create domestic po- 
lities! problems, bat that Dub- 
lii might be able to introduce 
the tax two yean later, in Jan- 
uary 1991, *We accept the foct 
that we must end these special 
exemptions, tank we are talking 
about something that Is very 
close to peeple’ahearts and ex- 
tends across all classes," said 
one Irish offidaL 

His counterparts In Britain - 
where greyhounds attract VAT 
- are less sympathetic. They 
wand a quick end to what they 
aee as an unfair advantage tor 
Irish bloodstock. 

Dublin's argument is that 
Irish grey hands are to any 
ease, naturally superior , and 
that it la their owners who 
need' carefol bandliag to tha 
transition to VAT. 

The current betting is tost 
EC ambassadors wiU accept Ir- 
eland's case 


Financial Times Monday November 9 1987 


French court ruling 
threatens position 
of magistrates 


BYOEORGE GRAHAM IN PARIS 

FRANdTS magistrates have 
been thrown into turmoil by a 
decision of the country’s Su- 
preme .Court which appears to 
threaten their shaky indepen- 
dence from political pressure. 

The court has suspended Mr 
Claude Grellier, a jvge d'instruc- 
tiom, or Investigating magistrate 
specialising in media affairs, 
from a case involving allega- 
tions of corruption at the CNCL, 
the French national broadcast- 
ing authority. 

The suspension of an investi- 
gating magistrate is highly un- 
usual-lawyers can think of only 
one recent precedent, in very 
different circumstances - and 
has been criticised as und exa- 
mining the credibility of the ju- 
dicial system. 

The accused has set out to 
create by himself , deliberately 
and artificially, the conditions 
for suspending the judge from 
his case. Such a perversion of 
the natural order of things is 
not acceptable,” France's prose- 
cutor general said, according to 
the newspaper Le Monde, In ar- 
guing against the suspension. 

It Is viewed as highly unusual 
for Mr Pierre Arpaillange, the 
prosecutin' general, to inter- 
vene in person, and indicates 
the concern felt in many sec- 
tions of the judiciary at tine pre- 
cedent that could be set 
T am worried that our judges 
should be reduced to the role of 
the Republic's clowns, that they 
iraldbe attacked and insulted 
by people who perhaps do not 
have the same love of just and 
the same impartiality,* Mr. Ar- 


paillange is reported to bkve ar- 
gued. 

Mr Grellier had charged Mr 
Michel Droit, a right-wing jour- 
nalist and litterateur named as 
a member of the CNCL by the 
Academic - Francaise, with 
abuse of authority - as rare a 
piece of jurisprudence as the 
judge's suspension - in Savour- 
ing a pro-right station in the dis- 
tribution of Paris’s over* 
crowded radio wavelengths. 

Mr Droit immediately coun- 
tercharged, winning the suspen- 
sion of Mr Greiner’s investiga- 
tion. The supreme court is to 
decide on December 10 whether 
the judge should be finally re- 
moved from the case. 

The problem for the supreme 
court was that the position of 
the jupe i ttnstroction - part-mag- 
istrate and part-prosecutor - 
means that the filing of charges- 
is often accompanied by a pub- 
lic presumption of guilt, which 
weighs heavily on someone in 
Mr Droit’s position. 

The case deals another knock 
to the juges. ^instruction, who 
have in recent cases such as the 
Luchaire illegal arms sale in- 
vestigation or the Carrefour du 
Develo p pement scandal found 
their access to information 
blocked by the government - 

The whole “Instruction" pro- 
cess is in doubt, since the gov- 
ernment plans to introduce a 
' structural reform which would 
substantially reduce the inves- 
tigating magistrate's powers. 
But the Justice Minister’s origi- 
nal proposals were withdrawn- 
last week after criticisms of 
their constitutionality. 


Turkish exporters jailed 


BV DAVD BARCHARD M ANKARA 

THREE Turkish exporters have \ 

tog fictitious exporiretnrna in ^ 
order to claim government sub-' 
tidies.. 

Ibrahim Guven Dikmen, Mum- 
taz YUrdakul, and Ali Dinsever 
were accused of fraudulently 
claiming to- have exported 
building material* from Timif 

to Italy last yean 

Though none of the three men 
is well known, their -conviction 
has caused some surprise in 
business circles as fictitious ex- 


ports claims are thought to be 
fairly common and offenders 
have seldom faced serious legal 
consequences. - 

• More than 2m Turks yester- 
day regained the right' to vote 
after being dtiiawfriini’lifM ii by 
the military in 1982 for boycot- 
ting a referendum that year. 

Turkish radio and television 
yesterday broadcast appeals to 
persons covered by the ban.to 
register within the next week to 
be aide to vote In the general 
elections on November 29. 






■ei -r .w'i ■ 



45,000 employees in 130 countries. 

But one language: Quality. QuaGtdt. Quality. Ca lidad. QuaJitd. KvaBtet . . . 

In the world of SKF 
everyone speaks the same language. 


Q uality.- — 

It’s a key word for everyone at SKF. After all, we 
make our living from it. Not only in the products we offer 
but, of equal importance, in our service. 

It means that, though we speak some SO different 
languages, ‘quality’ is a universal language within the 
company. And not only does every employee have a role 
to play in promoting quality, the same goes for our 
thousands of distributors. In every comer of the globe. 

The result of this resolute co mmitm ent to quality 
has been to become the world leader in rollin g bearings. 
And other precision products too. We have some 20% 
of the world bearing market - that’s more than twice as 
much as pur nearest competitor. 

And, although our roots are in Sweden, we are 
highly intemational.That is because quality is a language 
all people understand. 





SKF employs some 45,000 people 
from 13Q different nations. Manufactur- 
ing takes place in 80 factories in 17 
countries. 

Apart from rolling bearings, SKF 
manufactures and markets cutting tools. 


grinding machines, linear motion pro- 
ducts, textile machinery components, 
aerospace components, fasteners and 
other mass-produced precision products. 

In every one of these areas, SKF has 
a leading position. 




Financial Times Monday November 9 1987 


OVERSEAS NEWS 


Italian 



storm 
likely 

By John Wytoekt Roma 

THE Italian goronunent’s sec- 
ond attempt of the autumn to as- 
semble a credible budget pro- 
posal for 1988 should be largely 
completed tomorrow, leaving 
ministers to face a shower of 
complaints from both sides of 
industry. 

But hostile reaction to the j 
vised version of a budget first 
adopted at the end of Septem- 
ber - which may eventually in- 
clude a trade union call tor a 
general strike - will be only one 
of several political burdens un- 
der which the government led 
by Mr Giovanni Goria is visibly 

b ending 

Assuming that the referen- 
dum ending today strikes down 
existing legislation on nuclear 
energy and the responsibility of 
magistrates, Mr Goria's coali- 
tion will need to overcome seri- 
ous internal differences over 
the new policies to be adopted 
in these areas. 

Mr Goria remains outwardly 
confident that his government 
can cope on this fiont, but it is 
beginning to show. real signs of 
wear ana tear as a result of ac- 
cumulated stress. 

Ministers have still not .found 
a response to the waves of 
strikes hitting public transport 
services and which will move 
Into the schools next week as 
rank-and-file movements con- 
tinue to assert their indepen- 
dence of official union leader- 
ships. 



f, ,1:: 

IfS*; 


Geruc cenfMent 

Mr Bettino Craxfs socialists 
have blocked a limited proposal 1 
from Mr Goria which would* 
have required 15 days’ notice of] 
strike action, insisting that the 
government must seek an' 
agreed approach to regulating 
public sector with the, 

trade onions. 

After intensive efforts over 
the past week, the cabinet is ex- 
pected to adopt a new budget 
deficit target for 1968 of around 
U04^XXIbn(e53bn>-10SjOOObn in- 
stead of the earlier IdO9,500bn. 
Economy ministers still insist 
there was nothing wrong with 
their original strategy, claiming 
that changes have been forced 
on them by the turbulence in fi- 
nancial and currency markets 
lowering the growth prospects 
for the world economy. 

They have decided to scrap 
one percentage point increases 
in VAT which might have been 
excessively inflationary, and to 
postpone many long-promised 
revisions of tax rates which 
might have given too much of a 
stimulus to domestic demand. 

Earlier reductions in compa- 
ny’s social welfare payments 
have also been halve 
allowance increases, however, 
are being retained and 
forward from next July to 
January). 


Alexander Nicoll examines Brazil’s interim agreement with the creditor banks over interest payments 

Downgrading deadline concentrates many minds 


BBAZXL and the creditor banks 
have taken the first tentative 
steps towards a rapprochement, 
through the interim agreement 
on Friday to end the country’s 
eight-month moratorium on In- 
terest payments on the foreign 
debt 

However, they have not 
Solved any of their fundamental 
differences. If they do not do so 
by next June, fhe interim deal 
will foil apart 

Given the confrontation in ex- 
istence since the suspension of 
payments in February, it is im- 
portant that -both sides have 
gone as far now-as they have. As 
with many deals in the five-year 
history of the debt crisis, it was 
a US regulatory and accounting 
deadline : which concentrated 
sufficient numbers of Brazilian 
and bankers* minds. 

The upshot is that Brazilian 
loans Wul not be downgraded 
by US regulators at present, so 
US banks.will not have to make 
specific provisions amounting 
to 10 per cent of their Brazilian 
exposure. 

Unlike the general provisions 
which these banks have already 
made this year, such specific 
provisions could not be counted 
as part of their primary capital. 
Normalisation of Brazil’s rela- 
tions with- its banks then would 
have been very difficult to 
achieve. Shortterm credit lines 


would have been farther erod- 
ed. 

The Friday agreement effec- 
tively stops the interest pay- 
ments hiatus at the be ginnin g of 
last month. It establishes ar- 
rangements for Brazil to pay the 
$l-5bn interest said to be due 
from October 1 to the end of the 
year, and to pay interest from 
January as it comes due. 

Clearance of the $3bn of ar- 
rears on pa ym ents from late 
February to the end of Septem- 
ber, however, will depend on an 
agreement on a longer-term fi- 
nance package. 

The details of the accord are 
as follows: 

Banks will advance 91 bn to 
Brazil in December; Brazil will 
pay $L5bn of interest; terms of a 
longer-term deal are due to be 
agreed by January 15; a 'critical 
mass' of creditor banks would 
commit itself to take part in it 
by March 15, and it would be- 
come effective by June 1& 

Banks would then advance 
another $2bn In short-term 
funds and Brazil - which mean- 
while would have been keeping 
interest payments current since 
January - would pay the re- 
maining $3bn of interest ar- 
rears. Also meanwhile, banks 
would maintain about 214bn of 
shortterm trade credit and in- 
terbank lines. 

The $3bn of shortterm bank 


loans would be repayable by 
June 30, 1988, at. which point 
they would be superseded by 
the medium-term finance pack- 
age. The short-term finance 
would cany interest of % of a 
percentage point above money 
market rides, as. well as a % fee 
and a Vfc or & early participa- 
tion fee. 

A core group of perhaps 70 
creditor banks, accounting for 
the bulk of exposure to Brazil, 
would be asked to toko part in 
the shortterm loan. 

It cannot be taken for granted 
that banks will agree to take 
part in thi* bridging f"""”* 
Many - especially non-US 
banks not subject to severe ac- 
counting pressures - have been 
against a quick interim deal. 

They may also object to fund- 
ing interest payments to other 
banks. There are also likely to 
be the familiar arguments 
about how much each bank 
put up. 

Against criticism that the 
deal was simply patched togeth- 
er in Washington and so has lit- 
tle -substance, bankers on the 
advisory committee point out 

•Brazil will resume paying 
interest and banks will finance 
only two thirds of 1987 interest 
pa y m e nt s , instead of the 100 per 
Cent demanded by Brazil. 

•Brazil has undertaken to 
seek an agreement with the In- 


ANGER OVER ACCORD WITH CREDITOR BANKS 


Brazilian politicians have 
greeted the country** provi- 
sional accord wtth its commer- 
cial creditor basks with a mix- 
ture of sunwise, confusion and 


■embers ef the 
Democratic Movement Party 
(PMDB) appear uncertain as to 
whether it represe nts an end to 
foe interest payments morato- 
rium on ¥Mbn in longer terms 
declared last February. 

There are ata* fears among 


hardliners that the deal 
breaches their most sanetUed 

principle - no return to super- 
vision by tire International 

Monetary Fund (IMF). 

Mr Luiz Carlas Bresser Per- 
eira, Finance Minister, has at- 
tempted to assure Us party 
that the Interim accord does 
not represent an end to the 
moratorium, which remains in 
place until a long-term res- 
cheduling agreement is ap- 
proved. 


Presenting foe deal as a “vie- ‘ 
lory,' he has also given assur- 
ances that Brazil remains firm 
in its refusal to accept an IMF 
accord as a prior condition to 
final agreement in the forth- 
coming talks. 

many politicians are con- 
vinced that intolerable conces- 
sions have been made by foe 
small Brazilian negotiating 
team. Several have described 
foe agreement as unaccept- 
able. 


ternatiooal M o n e tary Fund. 
This could reduce the possibili- 
ty that ty»pir» would finance 
Brazilian repayments to the 
fund. 

•The interim deal, though it 
contains a $ltm loan in essence 
without strings, is predica t ed 
on a timetable le a d ing to a 
full-scale agreement and thus 
can be argued to have value be- 
yond the simple avoidance of an 
accounting deadline. The 
bridge. In bankers’ parlance, 
should lead somewhere. 

However, foe wording of the 
Friday agreement underlines 


the differences between the two 
sides and the likely difficulties 
in reaching a longer-term ac- 
cord. 

Brazil agrees to go to the IMF 
but' the statement included a 
iph reiterating Brazil's 
Lef that It is not in the inter- 
est of a satisfactory economic 
adjustment that disbursements 
by the international financial 
community be delayed by short- 
falls in compliance with ongo- 
ing programmes sponsored by 
multilateral institutions.* 

In other words - no linkage 
between IMF agreements and 


bank deals. 

The statement contained no 
reference to Brazil's economic 
condition. Many bankers feel 
strongly that no agreement 
should be reached with Brazil 
until its economic house has 
been put in order convincingly, 
and they are uncomfortably 
aware that, given Brazil's do- 
mestic political situation, this 
could be a long way oft 

So, despite the new agree- 
ment, normalisation of Brazil’s 
relations with its creditors may 
also be a long way off 


Talks fail to end 
township fighting 

BY ANTHONY ROBMSON IN JOHANNESBURG 


THE VICIOUS in-fighting be- 
tween rival warlords for politi- 
cal control over black town- 
ships in the Durban and 
Pietermaritzburg areas of Natal 
claimed five more victims over 
the weekend, despite a top-lev- 
el peace meeting between Zulu 
chief Hangpguthu Butbelezi 
and clerics led by Archbishop 
Desmond Tutu cm Friday. 

The meeting was aimed at 
seeking an end to the *i gfcHwg 
between groups linked to foe 
Zulu TntaHw movement the 
United Democratic Front 
(UDFVwhich has simmered for 
the last two years and led to 
more than 150 deaths so far tills 
year. 

At a press conference In Jo- 
umesburs on Saturday, Mr 
Govan Mbeki, the veteran Afri- 
can National Congress (ANQ 
and Communist Party leader, 
who was released last week af- 
ter 23 years in jail for sabotage, 
said that bringing an end to the 
fighting was a high priority far 
ANC lender Mr Nelson Mande- 
la: The two 1 menmet for an hoar 
in Pollsmoor jail on Thursday 
before Mr Mneki’s release. In- 
response to questions, Mr 
Mbiki said he would personally- 
be. prepared to go to Pietermar- 
itzburg if this would help to end 
the violence. 

Mr Mbeki. retained to Port 
Elizabeth yesterday and is ex- 
pected to receive a warm wel-, 
come when be returns to the: 
nearby township of New Brigh- 
ton, where he will live. At his 
. conference, he revealed 
he had spoken several 
times by telephone to his son, 
Mr Thabo Mbeki, and other se- 
nior executives of foe ANC 
leadership in exile and hoped 
to get Pretoria’s permission to 
fiy to Lusaka to me e t them] 
shortly. 

The Minister of Justice, mean-: 
while, has confirmed that, aln 
though Mr Mbeki was released 
un c onditionally from jail, he 1 
mains a listed person’ because 
of his admitted Communist be- 
llefa and, therefore, cannot be 
quoted in South Africa without 
prior permission. This fact, and 
the continuance of the state of 


is expected to limit 
Mr Mbeki’s future 
role inside South Africa. 

No such restrictions apply to 
the utterances of Chief Buthete 
zi, a fierce critic of foe ANC 
leadership in exile, who has 
consistently called for the re- 
lease of jailed ANC and other 
black leaders, however, as a 
precondition for agreeing to 
take part in Govenunent-epan- 


negotiations. These are 
aimed at hammering out a pow- 
er-sharing agreement which 
Pretoria hopes will lead to mod- 
erate blacks accepting a gradu- 
alist timetable which would 
leave whites in control of the 
main levers of power for de- 
cades. 

Chief Bathe] ezi, who qnes- 1 
Honed the impartiality of Arch- 
bishop Tutu and other clerics 
before last Friday's peace talks, 
has welcomed the release of Mr 
Mbeki and urged foe Govern- 
ment to follow this up -with foe 
release of Mr Mandela and oth- 
er black-leaders. 

Chief Buthelezi has Indicated 
that, once jailed leaden are re- 
leased and their organisations 
Binbnnnod, he would feel free to 
participate in negotiations with 
the Government .whether the 
ANC decided to take part or not 


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Arid a Chinese 
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Kabul rebel 
force ‘crushed’ 

AFGHAN armed forces de- 
stroyed a 170 strong group of 
West er n-backed rebels in Par- 
ah province, bordering Iran, 
the official Kabul radio said 
yesterday, Reuter reports 
from Islamabad. 

The rebels were int er c ep ted 
recently while transporting so- 
phisticated US weapons and 
ammunition, tec radio said 

Hut brief report dll not give 
casualty figures, saying only 
that the group had been 
’crushed’. 


Search for Malawi aircraft 


thrrb British business execu- 
tives and a South African are 
among 10 people missing 
aboard a Malawian charter 
plane apparently shot down on 
Friday over Mozambiquejlea- 
ter reports from Lilongwe. 

The official Malawi News 
Agency (MAN A) said they were 
on board an Air Malawi Skyvan 
reported missing between the 
southern Malawian town of 
Blantyre and the capital Lil- 
ongwe on a route that passes 
through Mozambican air space. 

The aircraft did not make its 
scheduled contact with ground 


control halfWay through the 
one-hour flight, and Malawi au- 
thorities asked Mozambique to 
help search for it, MANA said. 

On Saturday Maputo Radio 
said Mozambican armed forces 
shot down an aircraft violating 
Mozambican air space in the 
Ulongue district of Tete prov- 
ince. 

Ulongue Is about 20 km from 
the Malawi border, in an area of 
conflict between Mnmwiiiwm 
forces and right-wing rebels. 

Relations between Mozambi- 
que and Malawi were strained 
until a year ago after Maputo 


accused Malawi of supporting 
the rebels. 

Ties have Improved this year 
and Malawi has sent several 
hundred troops to Mozambique 
to help protect the northern rail 
link to Nacala port. 

MANA said the aircraft .with 
a pilot, stewardess and eight 
passengers, was chartered by 
the Ethanol Company (Malawi). 

It listed the passengers as 
Britons RAM. Jfager, A. Ram- 
sey and C. Eventt, South Afri- 
can C. Tomaselli and Malawians 
W. Salima, Miss E. Jana, A. Ka- 
sambala and W. R. Makhalira. 


Argentine 
inflation 
highest in 
2 l /z years 

ByHmCoanetnBuenoeAln» 


ARGENTINA'S inflation fig- 
ures leapt to their highest level 
in two and a half years last 
month, partially as a result of 

the government's new economic 

measures which have been de- 
signed to reduce the fiscal defi- 
cit 

Official figures published 
over the weekend snow retail 
prices rose by 195 per cent dur- 
ing October, while wholesale 
prices rose by a record 30.4 per 
cent the highest rates since 
June 1985 when the so-called 
Austral Plan was introduced, 
and which led to a year of rela- 
tive price stability. 

The principal causes of the 
leap appear to be the inertial 
effects of important pay and 
price rises authorised during 
September, and the new eco- 
nomic package launched last 
month, which made major up- 
ward adjustments in public util- 
ities and transport tariffa, a 27 
percent devaluation of the Aus- 
tral currency, and 
across-the-board price in- 
creases authorised to industrial 
producers prior to the an- 
nouncement of a new price and 
wage freeze. 

The government is hoping 
that the new measures, after the 
initial shock, will produce an- 
other period of relative price 
stability. 

Economy ministry officials 
say their immediate target is to 
bnng retail price increases be- 
low 5 per cent a month. 

Hie good news for the govern- 
ment has been the announce- 
ment in Washington last Friday, 
of the IMF waiver on Argentin- 
a’s standby loan. 

This will release not only a 
disbursement of $2X5m by the 
end of the month, but also a 
bridging loan of$500m being ar- 
ranged by the US government 
and an estimated farther $500m 
out of a $L95bn loan and debt 
refinancing package. 


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0 Financial Hines Monday November 9 1987 


OVERSEAS NEWS 


Syrian leader likely 
to dominate Arab 
emergency summit 


BY TONY WALKER W AMMAN 
AN EMERGENCY Arab summit, 
which began in Amman yester- 
day, was likely to be dominated 
by the ruler of a aearbankrupt 
state, whose support of Iran in 
the Golf war has deeply an- 
gered regional neighbours. 


Amman assume 'understand- 
ings’ were reached between 
Syria and Iran relevant to likely 
.summit deliberations. 

Mr Assad's aims can be sum- 
marised as a desire to ensure 
that any discussion about the 


President Hafez al-Assad of Arab-Israel dispute takes fixll 


Syria should be contemplating 
censure by his fellow-Arab 
Heads of State. Instead, it is 
likely he will play a grudgingly 
respected rote in summit delib- 
erations. 

Teople were saying that As- 
sad would be weakened by the 
economic crisis at home, and 
his difficulties in bringing or- 
der to Lebanon, but I don’t 
agree,' said a Western official. 
In fhct, his position is not as 
weak as It seems.' 

The official noted that Syria 
had for the past year been ’re- 
orienting’ its foreign policy In 
an effort to build bridges to its 
Arab brothers. It was anxious 
not to be regarded as the Tibya 
of the Levant' 

President Assad may well use 
his relationship with leaders in 
Tehran to his advantage, ar- 
guing -as he has done frequent- 
ly in the past - that only Syria 
among Arab states is in a posi- 
tion to restrain Iran. 

It was notable that in the 
build-up to this special summit, 
there was frequent contact be- 
tween Syrian and Iranian offi- 
cials, including a visit to Da- 
mascus two weeks ago by 
MrHir-Hossein Moussavi, Iren's 
Prime Minister. Observers in 

ROBIN LANE FOX 
Offers signed copies of his 
book. Variations 


A Garden, just reprinted 
and still at £10.95 for FT 

Oirithnac reading. 

FREE pat aid packing CW.O. to 

R. Lane Fox, 

14 Beech Craft Reed 
Oxford 0X77 AZ 
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account of Syria’s suspicions 
that the tJS may seek to isolate 
it in the peace process if one 
were ever to get under way, that 
a Gulf war resolution does not 
close the door to further media- 
tion, that Arab financial sup- 
port for Syria be maintained, 
and that Egypt remain excluded 
from the Arab League. 

Syria's leader will probably 
also be seeking Arab support 
for his efforts to bring order to 
the chaos in Lebanon. 

Mr Assad, one of the longest- 
serving Arab leaders, will not 
expect, according to observers, 
to escape completely unscathed 
from the summit. He may well 
prove more flexible on the criti- 
cal issue of the Gulf war than 
anticipated. 

With the arrival yesterday of 
the Libyan delegation, a full 
complement of 21 Arab League 
states are attending the summit 
hosted by King Hussein of Jor- 
dan. 

Not all delegations, however, 
are led by heads of state. Nota- 
ble absentees are King Fahd of 
Saudi Arabia, CoL Muammar 
Gadaffi of Libya, and King Has- 
san of Morocco. King Fahd’s ab- 
sence robs the occasion of some 
importance. 

The presence of the pro-Syri- 
an Prince Abdullah at the head 
of the Saudi delegation adds 
weight to the view that Mr As- 
sad will have an easier time 
than might have been expected. 

A feature of the summit may 
well turn out to be the clash of 
strong personalities - Hr Assad 
against Iraq’s President Sad- 
dam Hussein, both leaders of ri- 
val wings of the Arab Ba’atb So- 
cialist Party. 


Abu Nidal 
seizes 8 
European 

hostages 

By Andrew WHUey 
In Jerusalem 

A YACHT carrying efgfr* Enrfr- 
peans, including two ctdldrtn. Is 
reported to have bees seized in 
the Eastern Mediterranean by 
the Abu radii gneriSa group, in 
an apparent bid to embarrass the 
Arab league summit conference, 
which opened In Amman yester- 
day. 

Bat claims In Beirut by an Abu 
ftfida! spokesman that six of the 
H os t a g es - five Belgians and a 
French woman also carried Is- 
raeli nationality were befog dfe- 
test right Computer 
checks hi Isreal of the names re- 
leased by the gnmp were said to 
have drawn a blank. 

Mystery, meanwhile, sar- 
roonded die obdndfcn of the 
yacht, the French-registered SQ- 
co, said to have been fiying the 
Israeli and Belgian flags. 

While the Bd r e na t Palestini- 
an group cfadmed that toe 17 ton 
boat had been s ei zed off the Is- 
ntB-oecnpbd Gaza Strip* West- 
ern diplomats said it was more 
ffir»| y ftift BjW> had been 
sailing between Cyprus and the 
northern Israeli port of Haifa. 
Nor was it dear when the inci- 
dent took place. 

The IsraeB authori t i e s last 
night responded to die news with 
a mixture of puzdonati over the 
contradictory details and relief 
that, on first ap pe aran c es , no re- 
rnn cl m s AHillU lanrolln. 

er hi-pek appeared imminent. 

There was speculation **— + 

l«AHng pawMi. 

gers may be trying to forte the 
release ot some of the 4£80 Pal- 

mAiIbh pW m ,r > h, iwiriljilla. 

But, if none of the hostages are 
Israeli or Jewish, tire Israeli Gov- 
ernment is rmfikefy to get In- 
volved in the affair. 


Andrew Whitley reports on the inspiration and growth of Islamic Jihad 

Resistance for Allah and a homeland 


•Biagba. Ehayba, 0 w J*nf 

The arms qf Mohammed toiU re- 
turn/ 1 

Manacled to prison guards, 
the bearded defendants repeat 
edly 'chanted this rhyming cou- 
plet in Arabic, defiantly taunt 
ing the Israeli army Judges and 
prosecutor at their recent triaL 

It was at the Khayba oasis, in 
628 AD, that the newly-organ- 
ised forces of the Prophet 
crushed a Jewish tribe then liv- 
ing in the Arabian Peninsula. 
By reviving the memory of the 
battle and lin king it to their 
own struggle against Israel, the 
young Palestinians were mak- 
ing an unmistakeable political 
point their captors may have 
the upper hand for now, but the 
power of Islam would be irre- 
sistible in the long run. 

In a smart, newly-completed 
mosque complex, a few hun- 
dred yards from the squalor of a 
beachside refugee camp in Ga- 
za City, Sheikh Abdul-Aziz Ow- 
deh spelled out to a visiting 
journalist last week the tren- 
chant doctrine which has made 
Him one of the most influential 
spiritual leaden in the occu- 
pied territories. 

"God says that, if Moslems are 
attached or their lands are oc- 
cupied. they have the right to 
resist with all. possible means. 
Jihad is undertaken for tiie sake 
of God, to defend the rights of 
Muslims to a homeland, as the 


The herd as a revolutionary? 
Perhaps inspiration was being 
drawn from the 'noble Moor. 
But what about DJEL Lawrence's 

ZtntMas 

an unsolved mystery. 

Mr Yitzhak Rabin. Israel's De- 
fence Minister, argued the oth- 
er day that "Islamic Jihad* — the 
label which a growing number 
nf pulraturian tighten m the oc- 
enpied territories is adopting- 
was indistinguishable from the 
Palestine Liberation Organisa- 
tion. "AD the operations carried 
out by the so-called Islamic Ji- 
had were organised by the 


iris have been making over the 
past two years a determined on- 
slaught on the region’s universi- 
ties, iAad»"g to frequent inter- 
nal clashes with traditionally 


L eb a ne se organisation called 
Islamic Jihad and its Palestin- 
ian counterpart The fanner is 
mostly Shi’a Modem , in mem- 
bership and has dose ties to ___ 

Tehran; the latter is exclusively minded nationalists. 
Stumi and appears to be largely 

self-financed and selfarmed. 

Hie second generally accept- 
ed point is that, even more than 
in Lebanon, Islamic Jihad ia not 
so much an organisation with a 
nhuin of command an ^ a rigid 
cell structure as 4 diffuse move- 
ment which : has taken many 
ginsea. Same go farther and say 
it is only an ideology or doctrine 
- albeit one which commands a 


What makes 
.possibly more 
any previous op 
has raced Is its 
iogness, even 
for the causa 


Islamic Jihad, 
than 
.tion Israel 
lowers’ will- 
to die 
Jihad 


Clandestine pamphlets draw- (the Islamic * holy 

^bofaof each war) Moslems will either gate 


tog the potent symbols of each wart Moslems win owner gain 
group-— usually y nrflM and victory or become martyrs, said 
■ _ Mr Assad Siftawi, a former se- 

nior Fatah leader In Gaza and 
father of one of the six escap- 
ees. "people have come to see 
that T si"™ is the road to libera-' 
tion and the recovery of our 


, super- 
of Pai- 


or fists held aloft, su 
on a silhouette 
estine — demonstrate their com- 
bined political and religious 
goals. Although the authorities 
say they have been aware of its 
existence for about three yeazs, 
the first action which brought 
tl y» namo Jihad tO pub- 


ig the memory of the Khayba oasis battle, young Palestinians 
along an unmistakeable political point: their Israeli captors 


By reviving 
weremal _ 

may have the upper hand for now, but the ppwerof Islam would be 
irreversible in the long run 


Koran explains," be says. Occu- 
nntjem. resistance, homeland — 
all the key emotive words, 
wrapped In divine bleating, in 
one nugget Sheikh Owdeh’a po- 
litical genesis is Egypt during 
the 1970s, where he studied Is- 
lamic law, is common to that of 
many of the new breed of Gexan 
militants. 

Even so, the literary influ- 
ences on this intense, articulate 
eclectic, to say the 
least. He is an admirer of Dr All 
Rhartati, the l&tO Ir anian revo- 
lutionary theologian whose 
writings were seminal to the 
iriinm^ini revolution- Also, pa- 
perback copies of Shakes- 
peare’s OthellO — in T^ngHah an d 
Arabic - were on the table of 
the small bare room. 


FLO'S Western Sector Com- 
mand/ he —id. . 

Although they claim to have 
detected close organisational 
links with the FLO, particularly 
through Jordan. Mr Rabin’s own 
experts would not go so far. 
Straggling to come to grips with 
a new phenomenon, the Israeli 
security forces are still unclear 
about its fixll extent or threat 

1m Fatah, th e m^fna t mam FLO 
faction headed by Mr Yasser 
Arafat, returning to its leaders* 
1960s origins, in the shadows of 

the fta nrtyrn an tnl l« f 

Brotherhood orKanisation in 
Gaza? Or did thePLOdccide re- 
cently to hitch a ride on an in- 
digenous, grassroots movement 
owing no loyally to the FLO'S 
own traditional vanguard role? 

The answer may well be a 
mixture of both, "what we can 
any for sure is that there is a 
slow, strong upward trend. It’s a 
Stowing power that must be 
contained," commented one se- 
nior Israeli officer. 

Israeli Arab-watchecs and 
Palestinian activists agree on 
two key points. First, there is no 
connection other than the name 
and a broadly similar philoso- 
phy b etween the underground 


high degree of loyalty and fanat- 
icism from its adherents, most 
of whom came of age politically 
during the Israeli occupation of 

l^RabinS^r dismissed th» 
phenomenon as fa wave which 
after a while will go down." But 
what ought to trouble the Israe- 
li government is that, after a 
long period of relative domestic 
tranquillity, Islamic Jihad rep- 
resents a qualitative efcaege m 
the nature of Palestinian local 
resistance. 

Its stronghold is to Gaza, par- 
ticularly within the Saudi- fi- 
nanced Islamic University, the 
scene of many pitched battles 
between students and soldiers. 
However, Israeli Defence Min- 
istry analysts believe the move- 
ment f 18 * recently establish ed' 
deep roots In Arab East Jerusa- 
lem as well. 

In the more secular West 
Bank, as to Gaza. Moslem activ- 


Ilc attention in Israel was the 
grenade attack on a crowd of 
soldiers and their famili es out- 
side the Old City’s Dung Gate in 
October 1886. 

Since that attack, to which 
one person was killed and more 
than 70 injured, a spate of other 
incidents has shown a similar 
boldness, and- a w il li n g ne ss 
where necessary to take on Is- 
raeli troops. 

The security forces respond- 
ed with two big round-ups, each 
of about 50 individuals, in the 
Gaza Stripi The first was In De- 
cember 1886 and the latest just 
two weeks ago. When six ring- 
leaders escaped from jail in 
Hay and then carried out other 
Hiftnp, iwinding tha t of a mili- 
tary police commander in Gaza, 
the prestige of the movement 
among Palestinians soared. -It 
declined again last mouth, with 
the deaths In shoot-outs of three 
of their number. 


lands.” 

By comparison with other Ar- 
abs, Palestinians have never 
been considered overly reli- 
gion*. Exposed successively 
during this century to . British, 
Israeli and American influ- 
ences - the latter mainly 
through emigration - they were 
long judged a mainly secular, 
cosmopolitan people who would 
not fall prey to obscurantist 
farces. 

That judgement may now 
have to be reassessed. In Islam- 
ic Jihad, a still evolving move-' 
ment, ardent nationalism and 
ftiprj flmpntniicra have combined 
in a potentially lethal brew 
which some Israeli strategists' 
have long feared. 

Among its godfathers were, 
the success of the Islamic revo- 
lution in Iran, frustration with 
the concessions that the PLO 
has appeared willing to make to 
Israel since 1882, ana the way in 
which Lebanese suicide bomb- 
ers harried Israeli forces out of 
parts of Lebanon in 1884 and 
19B& 

"I am a Palestinian Moslem," 
said Sheikh Owdeh.1 see Pales- 
tine as the most important 
homeland in the Moslem world,' 
and I hope an Islamic state win 
be established (here). We are 
dreamiagofit" 


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Arafat appeals to Israelis 


MR YASSER ARAFAT, leader to the people in Israel so they 
of the Palestine Liberation or- will know - it's impossible to 
ganisation, has appealed to Is- wipe, out 5m Palestinians and 


raelis to help him solve the con- their national rights, just as it’s 

impossible to wipe < 


flirt between their two peoples, 
the Israeli Communist Party 
mW 


T appeal with an open heart 


pe out Israel.” 

he told the party’s weekly bulle- 
tin. 

"A just solution must be found 
fertile good of both peoples, 'he 


was quoted as: 

The bulletin said Mr Arafat 
expected the Arab summit in 
Amman this weekend to sup- 
port the convening of a UN- 
sponsored Middle East peace 
conference attended by all in- 
volved in the conflict, including 
the FLO. 


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Financial Hines Monday November 9 1987 


SOME OF OUR PUBS HAVE BECOME A 
LOT MORE SUCCESSFUL SINCE 
WE ADDED GROUND COFFEE, BROCCOLI 

AND GRUYERE TO THE BEER. 


It’s certainly been a recipe for success in Soho. In 1983, The Helvetia in Old Compton Street, was one of those pubs where 
three pints of bitter and a packet of cheese and onion crisps was a big order. Today on the same site, expensively padded shoulders josde 

with each other at the bar, for another couple of champagne cocktails before dinner. 


In three years the Soho Brasserie has paid back every penny we invested in 
it and established itself as what one magazine described as/ the Rovers Return of the 
media set’ And it’s a perfect example of the way we’ve been looking at our 6900 pubs. 
Not of course that we intend to put brasseries on every street corner. 


....crvir 1 <* 




1 - : - 




u i. •. >. ; \ /-■ ;< ■ < 


The Soho Brasserie is just one result of our policy of researching what’s 
missing in an area, then building it. In Watford, we discovered what would get 
people out for the night was a night spot. So we converted a large roadhouse pub into 
The Gamebird. It’s now a thriving, jiving success turning over £750,000 a year. 

And in Bolton, we found what they were crying out for was a really 
traditional pub. The Howcroft is now packed every night and has anything but 
traditional profits. In the last few years we’ve spent' £270 million on our pubs. And in some places we noticed the last thing people wanted 
was another pub. So we’ve turned them into cafe-^bars; restaurants or wine bars. And giving people what they want really pays off. 



Our profits have never been higher. The success of places like the Soho Brasserie is all part of our commitment to our role as a 
leading international food, drink and leisure group. Which is of course, of little consolation to our competitors. 

So we offer them this advice. To achieve our success, start by discovering what’s missing from your beer. 


AlbeJ-lyons 


* 


x 





OVERSEAS NEWS 


Financial Times Monday November 9 19S7 


IMPALA PLATINUM HOLDINGS LIMITED 


(Inanwvtedtn the Republic of South Africa) 
Registration Number 57/01979/06 
CImplats*) 


POSTPONEMENT OF RIGHTS OFFER 

Further to the announcement of 22 and 30 October 1987, 
shareholders of Impbcts are advised that the board of directors of 
lasplatt has decided to postpone the rights offer until a later 
date. This d e cisi on has beat taken in view of the continued 
uncertainty on world stock markets in general, and of platinum 
share prices in particular. 

It has. however, been decided to proceed with the establishment 


of the new mine as planned. A decision on the tong-term funding 
arrangements win be deferred until such time as world stock 
market conditions have stabilised. 

Notwithstanding this postponement, shareholders of Impiats win 
still be requested to authorise the creation of the ^ ordinary 
shares at the general meeting, to be held at 10b30 on Friday, 13 
November 1987, as set out in the circular to shareholders issued 
on 21 October 1987. 


Johannesburg 
9 November 1987 


SPONSORING BROKERS 
South Africa 


MERCHANT BANK 




Senbank 


Anderson, Wilson & Partners Inc-, 

(Registration number 72/08305/07) 
(Member of the Johannesburg Stock 
Exchange) 


T'"" _ United Kingdom 

C entral M erchant Bank Limited 

s»5s<n7««, 

London) 



French 
expansion 
‘likely to 
decelerate’ 


Lisbon sees * 

jJVTf iu r ViSimviii gi u ? t ui GDP Up i 

forecast for W Germany by 3.75% 


Low investment growth 


BY DAVD HARSH IN BONN 


By tin Davfdaon In ParlB 


The French economy Is likely 
to slow next year with a growth 


CAPITAL investment by West in particular the sharp foil in 
German industry is likely to tire dollar against the D-Mark, 
grow by only 1 per Cent In real view of the export depen- 


> sharp fell in Total investment on plant and PwOurUahonCorresoondant 

st the D-Mark, equipment next year, according By ° ur 

export depen- to the five institutes, is expec- xEE LISBON Government has 


next year 

By Our Lisbon Corre s pondent 


rate of only 1 per cent, com- 
pared with 16 per cent flu- 
1987, according to the latest 
calculations by BIPE, one of 
tire leading private forecasters. 

The projected growth rate 
far 1988 would be about one- 
half of a percentage point less 

tha n tha t previously forecast 


INVESTMENT 

The Financial Times 
proposes to publish this 
survey 00 

Tuesday 15th December 1987 


For farther in format ic p 
pkoe contact 
Gutter Breitling on 
022 / 311 604 


I S, roc dn Ccadrier 
1201 Geneva 
. or 
■ Patricia Stxtridge 
Bracken Home 
10 Qmnon Street 
LONDON EC4P4BY 
TcL 01/ 248 8000 ext 3426 


FINANCIAL TIMES 
EUROPES BUSINESS 
NEWSPAPER 


terms next year. indimt»^ g that dence of West German industry, ted to rise by &5 percent in 1988 announced optimistic economic 
the economy is decelerating economists expect this titrtnt- after 4 per cent In 1987, with growth targets for 1988 focused 


further, according to the Ho- lence to have a further depress- construction investment rising 1 on bouyant capital investment 
nich-based XFO economic re- fofi effect on industry’s invest- par cent after a similar rail this and exports allied to a redue- 


search institute. 


meet behaviour next year. 
Manufacturing industry 


tion in domestic consumption 


1ST) said the slowdown in in- 1 and a sharp fall in imports. 


- ■ ruinlli.. _< fwin ■Bllliw.uuuai U1UUSUT '• UUSUU UK OiWHUimu U m- 

”“ies up about one quarter of vestment spending was concen- 
the mstitate^regular autunm ^ ^ ^ trated on the capital goods in- 


ly BIPE, In June, as a result of 
, the recent Intonratfawd stock 
■ market and financial crisis. 

It wenhl also be wen below 
the Ftench Government’s re- 

The BIPE forecast puts the 
1988 French trade deficit at 
FgrMba (£S34bn), compared 
with a 


_ . , o 001 • unu oscu cauiuu uiywhu w h uaieu uu uic wjubu s uuw> serve as _ - 

throughout the West German dtufey, which is one of the iggg budget forecasts Gross IV- 
^JvrithMfe^^S^ 0 ^ economy. Accordingto last mainstays of the country’s omn- mestic Product growth will total 
wBtment tocnSSlhk vearoF5 ***** report, from the cotin- oipy. Investment to expand ca- 3.75 per cent next year, com- 
SfZEtoZSatJSSlK* ofS WsflTepMcjeal economics pacify will become MU less im- DareTm 


The economic plan that will 
serve as a framework for the 


nATMint thp ineHIntnulil uj » ujv ptuiupat cwiihhiiu : «r inuqi.wui kwug imu tw> w- naira With . 80 CXpeCted 5 P 0 r 

per cent, the institute said. search institutes (includihg portent next year, according to centUi 1987. The target for fixed 
In 1985 and 1986, the compa- IPO), total capital i n vestment the survey. Only 32 per cent of capital investment growth that 
nies surveyed by IFO registered next year is likely to grow by 2 companies said their 1988 should reach 16 per cent this 


double-figure growth rates in per cent in real terms after 1 spending was earmarked for ex- year, is set at 8 percent 
real investment per cent this year, with invest- passion, with 47 per cent con- Annual average inflation, ex- 

The survey was carried out meat heavily depressed by the ceutiating on rationalisation pected to foil to 9 per cent this 
before the latest unrest on in- downturn in the building Indus- and 21 per cent aiming to re- year, is forecast to drop to be- 

toreisHrmnl finanolel : ’ - ~ i 0 c Ti 


temalional financial markets, try. 


- place equipment 


Satellite station 
order for Norway 


Bonn uncovers steel smugglers 


EB NEKA, a subsidiary nfNor- 
way's Electrisk Bureau, has 
wen a NKrtim CEfaa) contract 
to supply China with an Earth 
satellite station to be connect- 
ed to the Inmarsat world satel- 
lite system, Karen Fossli re- 
ports from Oslo. 


BY LESUECOUTT IN WEST BERLIN 


tween 5J> and (US percent 
This target is strongly con- 
tested by unions, who estimate 8 
1 per cent inflation as a more re- 
alistic basis for wage claims. 
Total domestic demand Is ex- 
pected to increase 8J per cent 
'this year, but only 4 per cent in 
1988. 


Maintaining steady growth 

BONN authorities have uncov- traders befog investigated was tfons. between the two German without succumbing to a re- 


ared a steel smuggling racket said to have paid DM100,000 to a states, he added. 


newed inflationar y spiral will 

depend greatly on the Govern- 


involving the sale by European Swedish business partner at „ . ae P®“ fl ? n theGoveru- 

steel traders of more than Duesseldorf airport to obtain . No tari ff* are levied oa trade meat’s success in cutting the 
DM200m(£69m) of East German falsified shipping papers between East and west wav rise m pnvate consumption 


Standard & Chartered 


Standard Chartered PLC 

(•X&pariret/iWjras0WtifyHew*rf 


US$400,000,000 Undated Primary Capital 
Floating Rate Notes 


In accordance with the provisions of the Notes, 
notice is hereby given that for the Interest Determin- 
ation period from 9th November, 1987 to 
9th December, 1987 the Notes will carry interest at 
the rate of 7)6 per cent per annum. 


Interest accrued to 9th December, 1987 and payable 
on 6th January 1988 will amount to US$6Z50 per 
US$10,000 Note and US$625.00 per US$100,000 
Note. 


Standard Chartered Merchant Bank Untiled 

Agent Bank 


Standard & Chartered 


Standard Chartered PLC 


US$300,000,000 Undated Primary Capital 
Floating Rate Notes (Series 2) 


In accordance with the previsions of the Notes, 
notice is hereby given that for the six months period 
(182 days) from 9th No/ember; 1987 to 9th May 1988 
the Notes will carry interest at the rate of 7% per cent 
per annum. 

The interest payment date wiH be 9th May 1988 l 
P ayment, which will amount to US$385.49 per 
US$10,000 Note and US$1,927.43 per US$50,000 
Note, will be made against surrender of Coupon Ncl 5. 


Standard C ha rt e red M ercha n t Bank UmBad 

Agent Bank 


ssrasara ar.«irnB lares 

The companies are accused of West Germany. A total of 33,000 »J5 reducing import growth 

hATinir ditn>n it tnrmm nf tVio iiioooi ctool ispta tries have m the past com- from 20 Per cent to 6 ner cent 


the US needed to impoft^SOQ tonnes of MW but Bonn from an expected 63 per cent 


selling the steeL having given it tonnes of the illegal steel were “*•, J5* *i!i-F"5LJ52!S from 20 per rent to 6 per cent 

an European Community conn- sold in West Germany. E^ e fhtf£?jni .SfL The plan indicates the Gov- 

try of origin In order to evade Officiate said ship captains re* 

the Community’s quota of East were ordered to change course JJJ* strictiaps on credit andpress 

German steeL The steel traders while at sea mid tealter their tr * eSi bfo Bonn said Mich misuse for wage restrainLin a bid to 

include tig name’ companies, logs. West German easterns was wasrare - •- icurb consum ptio n and inflation, 

according to the customs office notified about one shipment of Any proof of East German In- Export growth, estimated to 
of the Finance Department in steel atta g Briiy bound for Nor- volvement could harm that reach 10 per cent this year, 
Duesseldorf which is leading way which however landed in country's negotiations to con- should be 5-75 per cent in 1988, 
the investigation. Rotterdam. Four of the steel elude a trade agreement with according to the Government 


cent to 6 per cent 
indicates the Gov- 


Duesseldoif which is leading way wh 
1 the investigation. Rotterd 

A department official con- 
firmed that 160.000-200,000 
tonnes of East German steel ^ , 


wasrare. icurb consumption and inflation. 

Any proof of East German In- Export growth, estimated to 

volvement could haras . that reach 10. per cent year. 


companies involved the European Community. 
*d to pay fines total- ^ ^ M 


1665,00a 

Finance 


Department f 


siwkesman noted that 'one 


iSmerf^lted^el frTm Earf 


Germany cost about DM700 
compared with DM900 for EEC 


sold in the US, probably as steel 


compared with a profit margin 
111 51,00 0 tonn es ofthe ^ ^ ^han DMlO'per tonne%f 

contraband steel were exported 


WORLD ECONOMIC INDICATORS 

■ETAIL PRICES 
(1980 =< 100} 


DM200 difference I 


legallwld steeL " ’ 7 

to Turkey with false papers. A ^ohesman for the Tnt^r 

" The department said that, all German trade office in West 


told. It was investigating the Berlin, which supervises West 
whereabouts of 900,000 tonnes Germany’s barter-like trade 


of East German steel shipped with East Germany, id aimed 
from the West German free East German officiate ware' fair 


ports of Luebeck and Hamburg ly aware of the quotas on steel qs a 
last year and in 1985. East Ger- deliveries to the' West and to 
'many produces nearly 8m this extent, were thus ’in- ' 
tonnes of steel annually. vofoed’. The affair could have 





SepL*87 

tag, *87 

Jnfj%7 

Scpt>86 

% change 
over 
prevfoas 
year 

120.9 

171.2 

1ZL3 

120.4 

-43 

168L2 

168.0 

367.6 

162.9 

■A3. 

2134 

>114 

210.9 

2025 

-5.0 

223.0 

122.4 

122.1 

17M 

-L0 

145J 

V&l 

1A&1 

142A 

-13 

1533 

352.7 

153Z 

1474 

-43 

1393 

1383 

138J2 

1335 

-43 

1263. 

13 53 

1355 

1153 

-1.7 


1 


1 




One of the West German steel ’consequences’ for trade rela-| 


Sane fenvpt IISJ Enarts 


AV should be more than 
faithful sight and sound reproduction. 
Ideally, it also creates drama 
and ambience. 


Digital technology (the conversion of con- 
ventional signals into computerized zeros 
and ones) has fed to a remarkable prolifers 
tion of audiovisual uses in TV, far example, 
for rpore diwsnsified and sophisticated pro- 
gramming and information services acces- 
sible through computer connections or 
videotex terminals. And this is only the 
beginning. 


tftactfs vrid&ranging eudiwisual technofogms induce HctufO-toftcturB for 
simultaneous viewing of more than one programme on a single TV screen, DAT, 
a hrghJensityprojactm display and Ifame memory used kiDTV 


HftachTs scientists and engineers are 
using digital applications such as frame 
memory to develop Improved Definition TV 
jPTV will greatly improve picture gualily with- 
out changing current broadcasting sten- 
dards by doubling the density of scanning 
fines and increasing vertical resolution 
times. This same Hitachi technology has 
resulted in the Digital Audio Tape recorder, 
which is capable of supaior recording and 
reproduction. 

Hitachi's original screen technology has 
led to high-density big screen projection TV, 
using screens up to 110 inches. It is contrib- 
uting to a wholly new technology, High 
Definition TV HDTV is capable of photo- 
graphic quality resolution and will soon 
enable satellite services to transmit wide 
screen images that give the viewers the feel- 
ing erf actually being there. 


Wb link technology to human needs, and 
believe that our special knowledge will lead 
to numerous easyto-use systems and prod- 
ucts with highly advanced functions, 

Our goal in audiovisual and in meddne, 
energy and transportation as well — is to 
create and put into practice products and 
systems that will improve the quality of life 
the vorid around. 


0 HITACHI 


Hitachi, Lid. Tokyo, Japan 














If you’ve ever sent a photo through a fax, you’ll recognise the problem. 

Dark pictures come out black. Light pictures don't come out at all. And if 
you were lucky enough to have a machine that sent half-tones, you had to share an 
office with a large lump of high technology. 

Enter the Canon Fax 230. The only machine designed for a desktop that 
transmits black and white pictures, with 16 shades of grey in between. 

At the touch of a single button you're in touch with your ten most regular 
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And using the standard telephone keypad you can reach any Group 2 or 3 
machine anywhere in the world. 


And once connected, it takes just 15 seconds to transmit a standard A4 
document {Should the number be engaged, the machine automatically re-dials twice 
more, then prints a note of the time and duration of the call for your records.) 

If you’re sending to a Canon 730 you can use it as a sort of super-switchboard 
to send fax to an infinite number of other machines. 

Write to Mary Drewery at Canon (UK) Ltd., FREEPOST B-8746NG, Manor 
Road, Wallington, Surrey SM6 1BR. 

Alternatively, dial 100 and ask for Freefone Canon UK. We’ll send you all the 
facts free of charge. 

The fax, sadly you have to pay for. 



I F A N Y 0 N E 


c a n Canon 


C AN 










a 

i 



Orh}«U*tar 



ON JANUARY 7th & 8th, 1988, 
ALL THE BLUE CHIPS 
WILL BE IN PARIS. 


The Paris Bou rse i n vites you to join le tout 
Europe of stock exchange professionals - 
listed companies, institutional investors, 
banks, computer technology specialists - 
at its First International Forum. 


On the agenda? A first-hand review of 
recent developments on French and 
European stock exchanges, and an in- 
depth look at the revolution that lies ahead. 


Of course the Paris Bourse has already 
experienced its own revolution. Compu- 
ter-assisted continuous trading is now 
up and running. French equity markets are 
booming, fueled by the dynamic Second 
Market and recent privatizations. The 
Paris financial futures market, MATIF, is 
now a serious rival to the LIFFE and the 
CBOT. Trading in stock options has just 
been launched, with index options soon 
to follow. And French brokerage houses 
will take on an entirely new dimension 
when they open their capi- . 
tal to new partners in 1988. 


But the revolution is worldwide in scope: 
financial markets everywhere are on the 
move, with new jobs opening up and 
settlement and delivery procedures evol- 
ving rapidly, backed by state-of-the-art 
technologies. 

These are just a few of the exciting new 
developments that will be in the spot- 
light at this first Forum. 

Paris, January 7 & 8, 1988: a must for stock 
market professionals. With keynote presen- 
tations and round tables offering a spring- 
board for debate. And a NewTechnoJogies 
Exhibit featuring the world's most sophis- 
ticated financial products and services. 

A rendez-vous not to be missed. 


For more information, please contact the 
conference organizers: Marianne Huve- 
Allard or Anne Klotz - F1NACTIS, 78, 
avenue Raymond POincard, 7 5116 PARIS 
Tel. (33-1) 45 00 41 79. Tetex:620372. 


. •*.«. , 4dr !■! 


COMVMME DCS AGENTS DC CHANGE 
PARIS BOURSE 


"Paris Bourse Fn 



ONAL FORUM" 


UK NEWS 


Financial Times Monday November 9 1987 


Eric Short on the impact of the Sex Discrimination Act 

Pension anomalies of work equs 


EMPLOYERS CAN no longer 
retire women at an earlier age 
than pwii. That is the pro- 

vision of the 1986 Sex Discrimi- 
nation Act which came into op- 
eration on Saturday. 

However, the act does not re- 
quire employers operating com- 
pany pension schemes to hare a 
common age between the sexes 
at which tiie normal pension en- 
titlement is achieved. They can 
atm maintain an age differen- 
tial between men and women - 
normally 65 for men and 60 for 
women. 

That paradoxical situation re- 
flects the piecemeal and sepa- 
rate manner in which employ- 
ment conditions and pension 
conditions have been devel- 


oped in the UK. 

The central pillar in UK pen- 
sion provision has been the sys- 
tem m the state scheme where- 
by men qualify for the basic 
state pension and any addition- 
al pension at 6S and women at 
80, with the right to defer pay- 
ment for tip to five years after 
those ages accruing extra pen- 
sion entitlements. 



Filter, brushed aside 


ed to follow the state with re- 
gard to pension ages. The stan- 
dard benefit is 1 /B 0 th of 
naming* at or near retirement 
hr each year of service op to 
i age 68 for men and 60 for wom- 
en, with a m axim u m pension of 
two thirds of namings. 

Those pension ages were also 
often tiie retirement ages under 


coin Daily’s emnlovnient uoU- 
|cy. A. company would usoalfyre- 
quire women to retire at 60-and 
take a pension, while men could 
continue to 85. Enforced early 
retirement before those ages 
would be handled as redundan- 


* U was this type of situation 
that brought about the act . 

Helen Marshall, a dietician 
employed by the Southampton 
and Sooth West Hampshire Ar- 
ea Health Authority,- had been 
allowed to continue. working af- 
ter 60 but was forced to retire 
before reaching 65,the age for 


She complained that here 
treatment was a breach of the 
Equal Treatment Directive and 
that was upheld by the Europe- 
an Court of Justice in February 
last year. The 1986 act was 
brought in to comply with the 
ruling and the logical solution 
would have been to require 
equal pension area. 

The subject of a common re- 
tirement age has been dis- 
cussed for well over a decade by 
successive governments. Jt was 
reco mmen ded by the Parlia- 
mentary Select Committee on 
Social Security nearly five 
years ago. The committee's re- 
port favoured a common retire- 
ment age of 63 in the state 
scheme, with the reasonable aa- 
tsumption that company 
schemes would follow this lead. 

However, the Government de- 
cided not to take the opportuni- 
ty, afforded by the court deci- 
sion, to bring about a common 
pension age. So now there is the 
paradoxical situation of two 


ployees can be requir ed fry 
their employee to stop work. 
That has to be the same for men 
and women. ' . ' . 

On the other hand there is al- 
so the pension age, the age at 
which employees qualify for 
normal pension, and that can be 
different for men and wome a- 

Employers can make th e two 
'ages the same by having a com- 
mon pension age. However, sur- 
veys and inquiries among lead- 
ing ' pension consultants and 
consulting actuaries show that 
very few employers have done 

SOl 

Host employers have made 

minimum fhang wi BeCCS- 

sazy to their employment and 
pension arrangements to com- 
ply with the act, often by de- 
mult, even though they are 
changing their pension arrange- 
ymmfai in other respects to con- 
form with the 1986 Social Secu- 
rity Act 

Thus, the pension ages still 
remain 65 for mem and 60 for 
women in the majority of com- 
pany schemes as well as in the 
State scheme. This in itself 
opens up a new series of dis- 
criminations. 

When a women reaches 80, 
she cv " now elect to continue 
working for any desired period 
up to 65. However, she also has 
the option of taking the basic 
State pension at 60. The only re- 
quirements to qualify for the 
pension are a sufficient contri- 
bution record and to have 
reached 60. 


work hut after 60 she will come 
under the late retirement provi- 
sions of the scheme, which 
no more contributions 
and an enhanced pension wfeen 
she eventually retires. 

In practice, mort wom en ha ve 
a lower period of employment 
than their male coUegucsajzd 
thus a lower pension entitle- 
ment but a woman with a full, or 
fi*»ar feu, contribution will be 
better off 


The Labour Party and the 
TUC are committed to equalis- 
ing the pension age at 60, when 
economic conditions allow the 
payment of the very high costs 
Involved which are about £4bn a 

r^_ *Wa Kodta efufa nno_ 


HlVQlVeU W1UU1 OiD OMVUkaauu a 

year just for the basic state pen- 
sion. 


However, such enthusiasm for 
earlier retirement is not neces- 
sarily shared by employees. 

Where employers have intro- 
duced a common retirement age 
in their pension schemes, it is 
as often 65 as it is 60, with a few 
schemes having a common age 
of62or63L 


On the one hand there is the 
retirement age at which em- 


Altemativeiy, she can defer 
drawing the state pension until 
a later date at which time the 
basic pension will be enhanced 
but she stops paying National 
Insurance contributions, al- 
though her employer still pays. 

Meanwhile, her male, collo- 
gues have to wait until 65 to 
draw the basie pension and still 
have . to pay NI co n tri bu tions. 

A similar situation exists with 
company pensions.. A woman 
may not be able to draw the. 
pension until she actually stops 


Not only are employers reluc- 
tant to lower the pension age for 
men from 6 because of the in- 
creased costa involved but 
many employees are wary that a 
lower pension, age means em- 
ployers can force them to retire 
earlier than they would like. : 

It is doubtfol whether em- 
ployees will accept that conftu- 
ing situation for long. 

The Government is introduc- 
ing many radical changes into 
the UK pension framework next 
year but this most fundamental 
of changes, long overdue, was 
brushed aside by Mr Norman 
Fowler, the p revio u s Social Ser- 
vices Secretary, in his famous 
review which led up to the 1966 
Social Security Act 

The White Paper merely stat- 
ed the Government would be 
considering further the whole 
question but there is no sign 
that this review has even start- 
ed. 


Employers urged to upgrade benefits of schemes 


: BY BMC SHOUT, PENSIONS COf! 
THE NATIONAL AseodaOre 
af Fresfre Freds Is predating 




rtty Act, employees firm next 
April wm have the right to opt 
ent ef their employer's pension 
- scheme and make their own 


theirdeetaton. 

WfcUenot apposed to] 
alpensioas os sack, the 
anon c onsi d ers that « 


aging employee* to consider 
all fheete of company and per- 
sonal pension prevision before 
making a decision. 


a 


mtrtt 


4 




IB i w A • ■ 














A1 A LAYS I A 


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BREAKS FROM 
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Financial Times Monday November 9 1987 


UK NEWS 


u % 


*r. ... 


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^ ■ {%,«’■ 
?• 

4 ■- . % -r 
, “2i 


’ - J. 5.. 


"“T.-r ^ 

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— ' a . • ** 

- r -"'1^;^ 


: ernes 


t '2 

Li i IS.-wUl 

sr n.r Vjf mUi 1 

•• .JLU 

. 

The i 
case sb 
terial, i 
impact 
gfesef 
erganis 
ti 

: . V -S« 


y r- —-'is. 

It « 


News lb 


? saL, 


Flexible 
work deals 
strengthen 
unions 

By PNfip Bassett, labour Editor 

TRADE UNIONS m ay be able 
te resist employers' proposals 
an greater work flexibility or 

exact better concessions far 
changes in working. practices 
precisely because of the bar- 
gaining opportunities fiexlbU- 
; ily offers. 

That Is one of the- conclu- 
sions of a survey of the extent 
and impact of changes at work, 
focusing on flexibility propos- 
als, carried ant by the TGWU 
transport muon and Northern 
College, the onion educational 
body. ■ ■ ■ 

The survey acknowledges 
that It may appear toy diffi- 
cult in the current ec o nomic 
and political climate for 
unions to resist flexibility 
plans, bat it suggests, unusual- 
bl that the employers' propos- 
als themselves may allow 
onions to retain or even 
strengthen their bargaining 
positions. 

Since many flexibility deals 
are. In reality, emhihiR; provi- 
sions, the study says, “the pro- 
cess of implementation there- 
fore leaves (open) the 
opportunity Ear the unions to 
regain some of the Job control 
that, on paper, they appear to 
have lost.' 

New teduolfgy and just-in- 
time stock principles graying 
stock as you need it, rather 
• than storing Jong term sup- 
plies) may leave companies 
“very vulnerable* to Industrial 
action, and toe series of plant 
domras over meant years has 
concentrated/prodoctioa at ef- 
ficient plants, giving workers' 
there a better bargaining posi- 
tion. . T 

The steiyalso gives some . 
significant Jlgunes on the way 
giiMip i in employment has hit 
trade union membership. It 
suggests, in particular, that af- 
ter takhuu union mergers into 

B lecline in 
of 37 per 
379-89 has 
the onion 

extensive 
ported nut- 
ledges the 
lionstrate- 
ttroverslal 
les adapt- 
ectrielans’ 


It nys that the events at 
NewsgntenmifmFs Wa pplng 
plant (where the EETPU 
agreol to do work traditionally 
done by (he print unions) sal 
other workplaces "should nee 
be slaved to completely cloud 
our /perception of the tactics 
pudifld by the EETPU in one 
important respeck and that is 
the fact that the EETPU ap- 
pbB to have been In front of 
other unions in developing 
same sort of strategy tor cop- 
ing with change at work, how- 
ever much we may disagree 
^ith that strategy.' 


CBI takes up the cudgels Breakaway UDM 
on electricity price rise asks British Coal 

BY DAVID THOMAS fof 6 XClllSlV 6 Q 6 Sl 


BY DAVID THOMAS 

THE CONFEDERATION of 
British Industry is likely to tell 
Mr Cecil Parkinson, Energy Sec- 
retary, at a meeting today that It 
has the backing of the electrici- 
ty supply industry for its plea to 
scrap the 'electricity price rises 
announced by the Government 

last week. 

There ' was considerable ’ 
agreement at a meeting be- 
tween the CBI -and electricity 
supply leaders last week that 
the argument advanced by the 
Government - that the increases 
are necessary to fond a new 
generation of power stations - 
could not be justified. 

However, Nr Parkinson, who 
yesterday strongly re-stated the 
Government's defence of the 15 
per cent increase over two 
years, with 8-0 per cent coming 
next April, appears unlikely to 
accept the CBTs case, thereby 
ensuring that the row will rum- 
ble on during this week. 


Mr John Banham, CBI direc- 
tor general will tell-the Energy 
Secretary, that there -is ho need 
for an increase.in the price paid 
by industry for electricity. 

Mr Parkinson, speaking yes- 
terday on BBC radio, reiterated 
the Government's argument that 
the increases were needed to 
replace old power stations. 
There has been no provision 
made for their replacement," be 
said. 

However, lord Marshall, 
chairman -of the -Central Elec- 
tricity Generating Board, and 
Sir Philip Jones, chairman of 
the Electricity Council, agreed 
at a meeting with Mr Banham 
and Sir. David Nlckaoo, CBI 
president, last' Thursday' that 
the new power station pro- 
gramme did not require, price 
increases on the scale pro- 
posed. 

The Electricity Connell re- 
cently received a report from 


consultants at Price Water- 
house which is understood to 
conclude that electricity prices 
would have to increase by about 
20 per cent over five years to 
meet the industry's needs, in- 
cluding building its new sta- 
tions. 

Mr Parkinson insisted yester- 
day that it was the industry's re- 
sponsibility to decide how the 
planned increases, - which are 
averages across the whole coun- 
try, should foil on individual- 
gronpa of consumers. The Elec-' 
tricity Council is to meet later 
this month to give initial consid- 
eration to the ' implications of 
the price rises for specific tar- 

rifft. 

At today's meeting with Mr 
Parkinson, the CBI will also re- 
vive an argument which has 
flared op several times In re- 
cent years about whether. Brit- 
ish industry pays more thim its 
competitors abroad for energy. 


Universities accused of hiring bias 

tssjsssssr mi 37 

liBcr lmtn il ing ag aim tromen. “figures examined by tbs ed»°tblt the 


ditarimituHsdbniKMssmum. ^ Although the AUT' acknowl- 

m s cnmtn a nng agains t women. Figures examined by the edges that the recruitment of 

• ’ • ' ___ , union for 1985 show that one in ftm-time female staff has been 

The Assocmbwm of University five of the academic staff, re- rising steadily for the past 20 
Tea £^^? crnlw to universities were years, it saysthat 60 per cent of 

analysed by gender, official fig- women, at a time when women the women recruited in 1985, 
urea for recruitment, staffing,- comprised 42 per cent of liniver- were research staff ' 


research 


BY OUR LABOUR EDITOR 

TSHTHSH COAL 'I s' being 
pressed by the breakaway 

Union of Democratic Minework- 
ers to sign a sing le-union deal 
for its newest pit, Asfordby in' 
Leicestershire. 

Such a move by the corpora- 
tion would, if agreed, mark the 
first complete exclusion from a 
pit of the National Union of Mi- 
ll eworkers. 

UDM leaders in Nottingham- 
shire, the union's stronghold 
(although, even there, .no mine- 
is totally a UDM pit), will dis- 
cuss Asfordby today and- the 
union's national executive will 
consider it on Thursday. - 

Last week, British Coal trans-. 
f erred responsibility for the pit 
to its Nottinghamshire area, 
prompting speculation in the 
Leicestershire area OF the NUM 
that the pit was being moved, 
from its union area because the 
national NUM was refasing to 
accept flexible working ar- 
rangements. 

In a circular to Leicester and 
south Derbyshire miners, the 
UDM makes clear its objective 
for sole recognition at the pit. 

Mr John Liptrott; general sec- 
retary, says: The aim of the , 
UDM is .to negotiate a single- 
union agreement at Asfordby 
mine. . The bulk of the jobs will 
be for miners from pits current- 


ly within the south. Derbyshire 
section of the UDM.* 

An agreement on this basis 
for the pit, set to employ 1,200 
miners and produce 3.5m 
tonnes of coal annually, would 
increase inter-uniou tensions 
between the NUM and the 
UDM. It would probably also be 
used by those NUM voices who 
are not against flexible work- 
ing, as an argument in its fu- 
sibility that the NUM ay lose 
members to the UDM unless it 
modifies its stance. The UDM is 
prepared to accept flexible, 
six-day working at new mines. 

The move by the UDM - an il- 
lustration of the sharp competi- 
tion among unions now - is an- 
gering the NUM, 

Mr Jack Jones, Leicester 
NUM area secretary, attacked 
the UDM’s single-union propos- 
al as a farther example of the 
UDM being a “gaffer’s union* 
(one favourable to management) 
and compared it with recent, 
controversial, single-union 
deals signed by the AEU engi- 
neering workers at Nissan in 
the north-east and at Ford’s 
proposed electronics plant 
Mr Jones, a moderate among 
NUM leaders, described the 
corporation's decision as 
•shocking." 



,$t 2 legis$herflfon 

TV quality of its guests is t V tare of a great hotel. 

Path Avenue L< 55th Street, New York . The hospitality people ot ITT 
Toll -tree: in I'K 0J&0' 351)5 J5, in W. Germany Ol.'Po.rVi. 

In New York. (252) “53—450”. Telex: ] 45365. 


Left unions In 
talks on closer 
co-operation 

- By Our Labour EdKor 

LEADERS of the TGWU trans- 
port workers’ union are in infor- 
mal talks with a number of oth- 
ter unions, including ■. the 
National Union of Mmework- 
ers, about closer, working rela- 
tions in the fotnre. 

Although rfi«itnuiinn« are 
only at an early stage, they do 
raise the possibility of left-wing 
unions drawing more closely to- 
gether, even though none of the 
participants are' talking in 
terms of outright mergers. 

Mr Ron To ad, gen eral secre- 
tary of the TGWU confirmed 
' yesterday that he had held pri- 
vate talks with Mr Arthur Scar- 
gill, NUM president, about fu- 
ture working relations aspartofl 
a series of discussions 
Mr Todd said: . There have 
been exploratory discussions. I 
have had informal talks with Mr - 
Scarcm about better working 
' relationships and: how we see- 
. the fotnre of the trade union 
movement.* 

But he denied that the discus- 
sions with the NUM were part of 
a plan to write off the money - 
estimated at about £L6m - 
loaned by the TGWU to NUM ar- 
eas during the 1984-85 miners’ 
strike to help with hardship and 
other problems. . 

Transport union leaders are | 
making it clear that they are not , 
talking about any transfer of en- 
gagements by the NUM to the 1 
TGWU - with some 100,000 mem- 
be rs; th e NUM would swell the 
TGWtTs ranks considerably and 
open the way for other mergers. 


Guess who 
ordered the 
Ricoh copier. 















Ricoh may not be a familiar name to you at 
present But order a copier or any Ricoh 
office equipment and one other word will 
soon also become extremely familiar 

“Thanks." 

"Thanks" from the boss for i m prov i ng 
die overall efficiency of the company 

< Thanks" from die financial director for 
slashing the service bill. 

"Thanks" from the executives who now 
seldom hear the dreaded words “the copier's 
broken? 

And an extra special “thanks" from the 
secretaries who always used to get blamed 
for it, andwhose life in the office is now so 
much easier. 

Few over 50 years, Ricoh have been 
d esi g n i n g office equipment from one simple, 
enlightened point of view: 

By putting ourselves in the other 
person's place. 

And that’s you, the operates You, the 
financial director. You, the executive. And, 
of course, you the buyer 

And thus, what you want is designed 
into every piece of our equipment 

Ease of use, the latest labour saving, 
technology, dedica t ed service and above all, 
standazds of quality and zdiability which arc 
unsurpassed. 

Thus, Ricoh has become synonymous 
with the word dependable. 

It is this philosophy which has seen 
Ricoh grow into a company successful in 

more than 130 countries. 

And as a final proof! become mark et 
leader in copiers in Japan,* where it is 
rumoured, they know a thing or two about 
business. 



HOUSE • \ PLANE TREE CRESCENT - FELTHAM - MIDDLESEX TW3 7HG • TEL: 01-751 60 • PAX: 01-990 5566 





10 


Financial Times Monday November 9 1987 


Issued bfttansaea'Osak+&miMa and Swiss Bar* Corporator! 
kam«W^Umnd«nbaharotPOhielalnauranea Company tat 



Pohjola Insurance Company Ltd. 

Rights Issue 
of 

8,142,000 new B shares 
at FIM 60.00 per share 
10th November -- 11th December 1987 

Pursuant to a resolution passed at an Bdraordjnaqf Genera l 
Meeting of the sharehofttere ot Pohjola insurance Company 
Ltd. (the “Company") held on 2nd Nove mber 1967 the 
Company's nominal share capital is to bo increased from 
FIM 162,840,000 to FIM 203.550.000 by a nghte tesieof 
8.142,000 new B shares of a nominal value of FIM 5.00. 

Each shareholder or hckterot a shareholder's subscription 

right b entitled to subscribe one new B . sharater each 
tour existing A or B shares at the price of RM 60.00 
per sham, subscription rights may be sxercteed 
surrender of share Issue Coupon No A Stare Issue 
coupons must be delivered to any branch of KansaHls- 
Osake-Pankld in Finland between 10th Nove mber and 

11th December 1987. Any subscription rights not fflceicised 

by this time shall lapse. 

The Company's Board of Directors shall decide on the 
allotment of any shares not taken up by sh^^derson 
the baste of their pre-emptive rights by lift December 1987. 
Payment for the shares is due in a single irataknent at any 
branch of Kansaflte-Osaha-Pankki in Finland not la ter than 
18th December 1987. Payments matte on or before 

1st December 1987 quaMy for Interest to be credited at the 
rate of 12 per cent per annum from The date of pay ment to 

the due date. Delayed payments are odtyect to an interest 
charge of 16 per cent per annum. 

The new shares rank for a fuD dWdend torihe fcrtftne far 
toe acc ou nting year ending on 31st December 1988 ana lor 
cither rights In toe Company as from 1st May 1988. 

Further details of tire rights issue are contained in an infor- 
mation memorandum which is being sent to all registered 
sharehokters other than those with an address In the United 
States of America. 

The shares being offered In tfiis rights issue have not been 
and win not be registered under the United States Securities 
Act of 1933. Accordingly, documents descrftting or otherwise 
relating to the issue are not befog posted to or otherwise 
distributed in the United States. 

7ftNow9H*er19B7 

KanealBs-Osahe-Pankkf Swiss Bank Corporation 

International Limited 


PROPERTY TO RENT 

From 26th October 
Classified Rentals will appear 

every Monday 

For dataHc of how to advertise please contact 

Clive Booth 

Telephone: 01-248 5284 
Fax: 01-248 4601 


UK NEWS 


Thomson Holidays cuts 
brochure prices by £ 18 m 


BY DAVD CHURCHILL, LBSURB tBOTTWES COf«8POWQtT 
THOMSON Holidays, Britain’s He added that Thomson 
hipaiiMrf package tour operator, would notle t ln t am n , or anyone 
yesterday opened a price war in else, undercut its new prices, 
the travel trade with wide-rang- ^ Thomson move also 
ing price cuts amounting to amid reports of a alow* 

OBm off next summer’s boh- ^ booking tor 

days. next summer because of cm* 

The move, only a month afb ? uncertainty about the 

Thomson announced its ore- econ0tny . Many in the travel 
chore prices for next rammer; trade fear that tha recent stock- 
came as a surprise to delates mMrfarf Harfine mav lead to eon* 

Agents meeting in Innsbruck, UWflS#WJ1 " 

Austria, yesterday. In addition, many consumers 

Thomson baa decided to cot also appear feerea stn ay reluc- 
prices - by up to £45 a person - taut to book their holidays early 
on about lm holidays tor next in the expectation that prices 
summer. That is about a third of will toll still farther. Thomson 
the holidays it has on offer and said yesterday that holidaymak- 
effectively pep prices to this era who had already booked 
summer’s levels. their holidays would only have 

Thomson’s decision followed to pay the new lower prices, 
sluggish sales of next summer’s __ _ . . _ . 

holidays in recent weeks as a Thomson’s decision to revive 
result of low prices offered by the price witf among tonr opera- 
its T"«»" competitor, Intasun, ton came after the travel trade 
part of the International Lei*, had expected some price stabil- 
sure Group. • _ ity next summer. 

tor said in Innsbruck yester- by Thomson two years ago led to 

S? Trt2fSr "- 


profitability of the whole travel 
trade. 

The result of the price war 
has been to force a number on 
wtiaii operators out of business 
as well as leading to a realign- 
ment among the large opera*, 
tens. 

The Bass Group, for example, ' 
bought Horizon Travel this year 
and subsequently acquired the. 
Wings group from the Bank Or- 
ganisation. Last month British 
Airways decided to merge its 
loss-making travel subsidiary, 
BA Holidays, with the fast-grow- 
ing Sunmed operation. 

Delegates at the Abta confer- 
ence yesterday feared the latest 
round of Thomson price cuts 
might result in a new round of 
mergers and bankruptcies' 
among tour operators. However, 
some delegates hope other tour 
operators will not overreact to 
the Thomson move by cutting 
their prices even farther: 

• ftr Jack Smith. Abta ‘presi- 
dent, said last night T don't 
think consumers or the industry 
want a return to bargain-base- 
ment prices. I hope we don't re- 
tain to a position where, holi* 
days are sold below their cost* 


Japanese banks 
’gained most* 
from Big Bang 


By David 

UK CORPORATE treasurers ex- 
pect Japanese securities houses 
and banka to be the main bene-ii 
fidaries of the changes brought I 
about in the City fay last year's!! 
Big Bang. They also expect tiled 
Japanese to be the main agents 
of change. 

Those are the main conclu- 
sions of a survey conducted by 
Greenwich Associates, the US 
consultants specialising in the 
financial services industry. 
While It reinforces the belief of|| 
Japanese ascendance in the 
City, it also pinpointed an am- 
bivalence among corporate 
treasurers about the virtues of* 
dealing with Japanese instttn-f 
turns. J 

When asked which type offl 
bank they prefer to use m the 
fixture, they ranked Japanese' 
banks and securities houses the 1 
lowest 


artawsarsa 

li ghting products, 
uisnegotii 


nonce 

otes. Office Park Eight, Gram- 
mich, Connecticut 06830. Tel (203) 
\ 629 1200. 


Thorn EMI to pull 
out of video venture 

BYTERHY DOD3WOHTH, MDUSTRML EDITOR 

THORN TtMT, the UK "industrial two partners on the basis of an 
and television rental group, Ja Independent valu at ion. JVC 
to sever Its *■«* npfc» with the and , Thomson have indicated 
consumer electronics manatee- - that they want to take up their 
taring industry by pulling out of options on the shares. Il ia- ex- 
the Joint video cassette produe- pected the deal win be final- 
ft tiem venture formed with JVC of wed by the end ofthjsyeer. 
u Japan and Thomson of France. J2T was launched , in 1982 In 

Thom's decision to sell its an attempt to establish a Euro- 
holding in the collaborative pean-based video cassette com- 
prodeet, known as J2T, follows pany capable of Standing up to 
toe disposal of its Ferguson the competition from Japan, 
television manufacturing sub- JVC was Drought into the pert* 
ridiaiy to Thomson three- nership to' supply some of toe 
mwiflw ago. Almost all televi- basic technology. On average 60 j 
aion and video cassette prodne* per cent of me value of, the j 
tion hi the UK is now tn the group's products is derived 

ltanda of iMuinh rtm iiiH from fromEUTOpeaH sources. 

Japan or Western Europe. The company has grown 

Thorn, once one of the lead- steadDy firom a production of 
Ing British producers in con- 7^000 units five years ago to an 
Sumer electronics, has altered expected 850JOOO thw year - 
amphairi. over the last 18 about 13 per cent of Use;- total 
months, concentrating on its European market of 8.7m video- 

cassette*; However, profitabiU- 
and ty has been extremely low, at 
around 1 percentof thegroup’* 
to place its 33 sales of approximately 
per cent hold n J2T witb its (D8Sol 


Food fair 
shows trend 
for Mexican 
fast food 

ByOftridChuicH 

MEXICAN FOOD is poised to 
become the latest faahioroiMe 
style of cuisine among Britons, 
weary of burgers, pizzas, and 
hot dogs. 

Eating out has become one of 
the most popular leisure pur- 
suits of the 1980a. However, ca- 
companles are becoming 
singly aware that con- 
sumers are seeking new tsrpes of 
restaurants. 

Mr Richard Nichols, market- 
ing director of -La Mexicans 
Quality Foods, a manufacturer 
of Mexican foods, says: "Mexi- 
can food has been the fastest* 
growing sector of the US food 
Industry for some years and 
now the UK is following this 
trend as more and more Mexi- 
can restaurants begin to open." 

The company’s cust omers in- 
clude Tac o Be ll - among the 
first of the UK's Mexican takea- 
way restaurants - Harrods, ami 
several hotel chains. 

La Mexicans is also one of the 
.first-time exhibitors at this 
year’s Fast Food Fair, which 
opens today at the Hetnnole 
Hotel, Brighton. Several of the 
other first-time companies at 

Hi* am* «1«a owhifrfHwg llm. 

ican foodstuflh. 

The event has an I m port a nt 
rale In shaping what consumers 

eat in ♦**«* MMThig Indiirt riM 

which are worth £8bn-*-year. 
Ms Sheri Johnson, exhibition 
manager of the fair, says: . 'Visi- 
tors to the fair are typically key 
i«»r| aw »ni ont responsible for 
creatSuf trendi Ik toe. popular 
w i hmhng anH restaurant indus- 
tries. 

"With over 17,000 visitors -of 
this calibre expected this week, 
it is almost guara nteed that the 
Mexican food, bred emerging 
this year la about to hit the high 
streets throughout, the UK." 

Interest in Mexican foods has 
encouraged the catering chains 
- especially brew e r* such as 
Whiteread and AlUed-Cyons- to 
include Mexican food in new 
restaurants with themes aimed 


example, the Mexican 
Beer Import Company says the 
number of Mexican restaurants 


pplied over the past year has 
doubled.. It 


SU! 



And It Shows 


■ ■ 


■dr 


1 . 

1 ’ : ' f«-„ 


j y-tMi’ 

1% 



_ expects the rate of 
of new outlets to be even 
tills year. 

The trend is already filtering 
through to other, less likely, 
outlets. The franchised Olivers 
bakery and coffeeehop chain 
recently started selling hot 
baked potatoes with chilli con 
come fillings and has found the 
i-dishtabe popular. _• 

; She catling trade sees sever- 
al key -reasons for the growth in 
ofMexteah foodlOne 
■factor iff the 
ness of young people to 
ment with new foods. 

La Mexicana’s Mr Nichols 
■ays: T feel that other ethnic 
fast foods have passed their 
peak in terms of public interest 
and there is a definite demand 
for a new product' 

Others in the trade believe 
Mexican foods have important 
facets, 

. Mr David Maguire, m a na g ing 
(director of the Mexican Beer 
Import Company, am Ttei- 
can to toe fast food of the fature 

because it is cheap, simple, 
healthy and fim. 

"The basic ingredients are 
cheap, resulting In an inexpen- 
sive meal, and the cooking pro- 
cesses are healthy - an to 
taut factor In today’s fast 
business," he adds. 

However, most catering 

atara are well aware that 

ion still plays an important part 
in determiug the success or fail- 
ure of new trends in eating. 
While tequila is Mexico’s most 
famous drink, "in-the-know" 
young people who eat in Mexi- 
can rest aur ants- apparently 
drink Tecate - a lager- designed 
to be drunk Mexi can-style with 
salt and a slice of lime. 


WAOuer3^700Fli^tsADa^Abdduncie. 

ftienpeop 
turaltyshc 


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professionals have earned for Ddta a record 
of satisfied passengers unequalled by any 
other major US airline. 

Delta and The Ddta Connection* 
serve over 230 dlies worldwide, with over 
3,700 flights a day 

%u can %Ddta nonstop from frankfurt 
to Atlanta and Dallas/Ft Worth. Nonstop 
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in Stutttert (07U) 2262&L Delia Ticket Offices are at Friedenssttasse 7, 6000 Irankfart/bfam. Maamiliansptoz 
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expected to stay 
grounded at £85] 


(BRITAIN'S scientific and tech- 
mi cal community is looking for- 
i ward with a mixture of emo- 
i tions to this week’s ex pected 
•confirmation of toe Govern* 
,menfs refasal to increase its 
l^rending on Eurc^tean space 
'pr ogrammes. 

Mr Kenneth Clarke, the Trade 
-and Industry Minister, will be 
-in The Hague, the Netherlands, 
today and tomorrow for a spe- 
jdal Tne etipg of toe 13-nation 
Wopean Space Agency CESAL 
'at which he is unlikely to agree 
to any rise In Britain’s ESA con* 
trtbution of about £85m a year. 

Ministers have examined 
space funding after aplea for 

more cash from the British Na- 
tional Space Centre, set up in 
November 1985. Indications 
that no more money would be 
forthcoming led to the resigna- 
tion in the summer of Mr Roy 
Gibson, tbe centre’s director. 
Mr Clarke has in recent weeks 
-called ESA a "hugely expensive 
dub" with over-ambitious pro- 
gtammes. 

Hr Graham Hills, principal of 
Strathclyde Unive rsity and a 
member of tfie government's 
Advis o ry Council on Science 
: and Technology CAcostX said he 
['was not convinced by theju-gn- 
ments for . increasing space 
spending. He would resist the 
idea that because other govern- 
Hntents spend heavily on space 
and technology 
-Britain should necessarily do 
•thesame. 

Li Mr «nin said a lot of the 
spending on space technology 
in the past was 'soft money" 
paid out on the basis that space 
activities seemed like a good ar- 
■ea in which to invest but with no 

t° I ftoferaor P Metcalfe, an 
economist at Manchester Uni- 
versity, who is another Acost 
-member, said be did not think a 
•decision to limit space spend- 
ling -was "terribly bad* from the 
EUK*s point of view. The right 
(time for increasing space flrnd- 
' in g; might be a decade or so 
iaway when more areas of space 
’ schnology would be ripe for 
unBMffdaUsa tion. 

. He said: "I don’t agree with 
■the idea that decisions of this 
Wt are ir r ev ersible.* He added 
(that it would in theory be per- 
fectly feasible to build op fa- 
tare generations of niece engi- 
neers, to exploit technical 
•advances, long after today’s 
space ex perts had retired. 

Professor Keith Pavitt, of the 
[Science Policy Research Unit at 
-Sussex University, said be had 
some sympathy with, the Gov- 
ernment's view that the private 
[sector should do more to invest 
e technology instoad'of 
moat of the tending to 
rants. 

k However, he did not like the 
hinfegMire from Mr Clarke that 


Peter Marsh on the 
spending row 
among scientists . 


the Paris-based ESA was out of 
controL He added that the agen- 
cy had a generally good record, 
in particular in Its development 
of the Ariane rocket, which had 
tamed oat to be a commercial 
success. 

T5SA might be a bureaucracy, 
but I would submit that there 
are some British bureaucracies, 
the Defence Ministry for exank 
pie, which are worse;* he said. 

According to Mr Nick Segal, a 
consultant specialising in high- 
technology developments, the 
arguments over space tending 
illustrate "the lack of an orderly 
or rational way in Britain of 
reaching judgments over sci- 
ence fending ." 

He said he was disturbed by 
some aspects of Mr Clarke's 
comments itt recent weeks 
which seemed to be reducing 
the debate to "knockabout poli- 
tics." - - 

Mr Segal believes the case for 
injecting more- cash Into space 
research might hot have lean 
examined thoroughly enough. 
The gove rumenfs line on space 
funding appealed to be derived 
from its general wish to make 
firmer, more centralised deci- 
sions over science policy mat- 
ters in generaL- 

"The Government has ap- 
peared to want aggressively to 
challenge what it has regarded 
as a comfortable and compla- 
cent scientific c ommuni ty. The 
space lobby happens to have 
been unlucky in r lhat its case 
[for more money] has come up 
before anyone Oise’s," he said. 

Mr Michael Marshall, a Con- 
servative MP and former indus- 
try minister who is ‘chairman of 
two all-party parliamentary 
committees on space and infor- 
mation technology, said he was 
concerned that the Government 
appeared to be taking - a 
short-term view over space. He 



space technology for IS to 20 
years. 

Mr Philip Hughes, chairman 
of Logics, a leading, software 
company which Is heavily in- 
volved m the mace industry, 
said he was "in despairi-at min- 
isters’ attitude i 

He said the Gavepnnent 
ought to be investing space 
-because it was sensible fit Jbuild 
Up a potentially important part 
or the UK economy, rather than 
treating the issue of space tend- 
ing as a research and develop- 
ment grant to UK industry*. 


Business political gifts up 
to £2.2m. Labour reports 

BY PETER RS1DBX, POLITICAL EDITOR ' 

BRITISH COMPANIES last year 
made political donations' total- 
ling over £2J25m. according to a 
; survey of 1,500 annual reports 
by the Labour Party research 
department 

Tbe survey covers financial 
fyears ending iu the course of 
1988 and therefore excludes do- 
nations made during the run-up 
to last June’s general election. 

[Those were .undoubtedly larger 
Ethan in 1986. 


Roughly a sixth, or 252, of toe 
quoted companies surveyed 
made donations fin* political 
ixposes. ‘ Contributions made 

_ private companies and pri- 

vate donations are not taken in- 
to account. 

Over 90 per cent of the total of 
donations - over £2m - were 


made to toe Conservative Party, 
or sympathetic fand-raising or- 
ganisations such as British 
United Industrialists and re 
gional industrial councils. 

The Labour survey identifies 
10 donations of more than 
£40,000, totalling £588,000, 
which it says is "an indication of 
the extent the Tories are be- 
holden to the directors of a 
small number of major public 
companies." 

By contrast, the two Alliance 
pa rties received just over 
£67,000 from 18 companies. 
Around £80,000 went to the 
free-enterprise group, the Eco- 

nomic League and the Centre 
far Policy Studies. 

"Company Donations". Labour 
Party Policy Directorate, number 
77, October 1987. Price £1. • 


TWsothwtigemafrfbtesuBdincomp O onraw^ltereq ul remflnteofftwCowidiorThaStocKExchQngaildoes 
not conslfluhi an hvfiaHon to city parson to subscribe for orpurohass shares. 

Sykes-Pickavant Group pic 

(Incorporated in England under the CompantasAds 1948-1967 Number 939888) 

Placing by 

. Albeit E. Sharp & Co. 

at 1,657,140 Orrinary shares of lOp each at 114p per shore 


Authorised 

£1250,000 


Share Capital 

In Ordnary shares of 10p each 


issued and 
. FuttyPoW 

£921,000 


The principal ocavffies of the Group aw the design manutaforeandmt^^ 

tee automotive, industries hardware and DW markets together wifasutH»n!racl engineering tor 

a wide range of industries. 

Application has been made to the Counci aT The Stock Exchange for the grant af 
permission to deal in IhsOrdhwy shares of ffie Oompmys issued and to be Issued, In the 
Unfeted Securities Martet. tt isemphasisad fat no ftypGcation has been mads for these 


Particulars relating to the Company are amiable In tee ExW Satisfied Services aid 
copies of tee Prospecius may be obtained during normal business hours on any weekday 
(SalurdaysexoeplecO up toandlnctudlng 23 Nowmbet 1987 from: 


AfeertL Staple Co, 
8/7 Ohm Street 
London EC4N ISP 

9 November 1987 


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Financial Times Monday November 9 1987 


UK NEWS 


11 


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Fall in growth of 



at British Coal 


BYMAUWGg 8AMUB.SQH 

A SLOWDOWN in productivity 

improvements at British Coal is 

causing disquiet in gover nm ent 
circles as the industry contin- 
ues its uphill efforts to break 
even in the next financial year. 

Efficiency is still rising but in 
the past tew weeks it has done 
so at little more half the 
rate achieved in the same peri- 
od a year ago. 

This has coincided with the 
National Union of Mznewarfc- 
ers 1 overtime ban but, since the 
ban has had only a liwi^ ef- 
fect, other, as yet unexplained, 
teeters are thought to have 
caused the slowdown. 

The latest trends . have 
emerged too lata to be reflected 
ut the half-year results, which 
British Coal chairman Sir Rob- 
ert H as l am is due to announce 
in London on Wednesday. He is 
expected to announce that pro- 
ductivity; at 3.6 tnnnwi g man a 
shi ft , was IS per cent higher 
than fn the same period last 
y«w. 

However, in the four weeks 
ending October 24. productivity 
improvements slipped steadily 
from 143 per cent to 18 per cent 
against the same period of 1968. 
For the industry to break even, 
output will have to reach about 
four tonnes a wmn/shin and 
then climb to five or six tonnes 
for long-term ftwmHai viability 
to be assured. 

At British Coal, the view of 
the latest figures is somewhat' 
less despondent than that heard 


in Whitehall, Industry officials 
insist that the overtime ban Is 
the main culprit and point out 
that even a 13 per cent improve- 
ment is jEkrbetterthan that fore- 
cast a year ago by Sir Robert 
when he said mat a 10 per cent 
rise would be satisfact o ry . 

Nevertheless, the chairman Is 
likely this week to strea the in- 
dustry’s difficulties as much as 
its achievements. 

British Coal is particularly 
worried at the large amounts of 
cheap coal on the international 


markets and the Increased bar- 
gaining power that gives to Its 
biggest customer, the Central 
Electricity Generating Board. 

International coal prices a 
quoted in doQazs ana that, with 

the latest tell in the sterling val- 
ue of the dollar, farther in- 
creases British Coal’s vulnera- 
Hi1Hy _ 

Mr Ken Moses, British Coal’s 
technical director, sounded _ 
bleak warning at the weekend 
when he said the coal industry 
might disappear, like Britain's 
motorcycle manufacturers, if it 
failed in its bid to become i 
Ughrolume, low-cost supplier. 

He told a Blackpool confer- 
ence of Nacods, the colliery of- 
ficials union: *We dan either go 
the way of the motorcycle indus- 
try and disappear or we can c 
nlate the ear maters «ui the 
tBrWiw industry nM further cut 
our costs to meet the demands 
of the market on quality, avail- 
ability and price.* 


Council plans to 
fund £2m cinema 


BY RALPH ATOMS 

A COMPLEX finance deal, dis- 


lucers 

pay for the construction of a cin- 
ema in the heart of the London 
Borough of Greenwich. 

Councillors in the Labour- 
controlled authority will be ask- 
ed tomorrow to give 
permission for a £2m cinema 
with three screens and 800 
seats. If it goes ahead, it will 
probably break new ground in 
creative accounting by local au- 
thorities. - 

The financing is designed to 
sidestep p wa rnnwmt restric- 
tions on capital spending. But, 
with the burden on the counctfs 
annual budget likely to be neg- 
ligible, it will probably win sup- 
port fromthe Department of the 
Environment and opposition 
parties. 

The cinema is part of the Bar- 
ney Street project, close to 
Greenwich’s most famous land- 
mark, the Cutty Sark. U Is the 
fin al stage of a development 
comprising an hotel, sheltered 
housing and an antiques mar- 
ket 

The deal involves a tangle of 
agreements between the coun- 
cil, a builder, a bank and Film 
Network, a private cinema op- 
erator. The result will be to 
bring a cinema to a prime com- 
mercial site when most opera- 
tors are moving to cheeper out- 
of-town locations. 

Greenwich Council, which 
owns the land, will employ a de- 
veloper to build the cinema. On 
completion, expected early in 
1989, it will be leased fin: 20 
years to a City bank for a sum 
th «* will cover construction 
costs. 


The council will mate pay- 
ments to the bank for the period 
of the lease and take ownership 
when it expires. But its outgo- 
ings will be offaet by the rent it 
charges for operating the cine- 
ma. 

Film Network, a two-ye ar old 
company run by film entrepre- 
neurs Mr Alistair Gregory and 
Mr Simon Perry, will pay a basic 
rent pins a p e rc en tage of its 
turnover. The 'company is also 
putting op £25(M)00 towards con- 
struction costs of the complex. 

The organisers believe it is a 
responsible scheme with 

fits all round. It is-Dofgn - 

pie of selling off thetownhalltoj 
pay to empty the next] 

week,” said Mr Gregory. 

If successful, the council' 
might mate a profit an the deaL) 
Moreover, after 20. years it will 
have a capital asses with a cU-j 
ent paying a market rent, but 
there will be no capital expert 
ditnre in the council’s a c co u n ts. 

Film Network plana to offer! 
adventurous programming, fe- 
clnding experimental films as' 
well as box-office hits. It will al- 
so offer educational and minor- 
ity-interest films, subsidised by 
a trust setup by the connciL 

The complex will in c l u de 
cafe and exhibition space, al- 
tar example, the audl- 
' Superman IV to admire 
watercolours or oils before and 
after perfo rmanc e s . 

Film Network is a sister com-, 
to Umbrella Films, whose 
tactions include the film of 
veil's 1964 Its next produc- 
tion, due for release next Feb- 
ruary, is entitled, appropri a te- 
ly. White Mischief 


Tin judgment reserved 

BY RAYMOND HUGM2S, LAW COOTTS CORRCSPONDfiKT 


THE LAW Lords have reserved 
judgment on the case in which 
they have been asked to decide 
whether documents em a n a tin g 
from the International Tin 
(^incil can be used as evi- 
dence in the tin crisis litigation. 

The ITC contends that not on- 
ly |ts*documents, but copies of 
Hurni and informa tion derived 
from them belong to its official 

archives and are therefore pro- 
tected from disclosure without 
its consent. 

That is contested by two tin 
traders, J. H. Rayner CMincing 
i ■»«.») and Maclaine Watson, 
and the London Metal Ex- 
change, which want to use ITC 
material as evidence in an ac- 
tion brought agai ns t them by 
two Sheaison Leh m a n compa- 
nies. _ . 

The issue, which affects other 


of the tin litigation and 


national organisations which, 
like the ITC, have a, presence In 
the UK, dune before the Law 
Lords on appeal from the Court 
of Appeal in July. 

The Appeal Court held that 
documents retained In the ITC*! 
archives, were protected from, 
disclosure, as were copies of 
such documents made without 
the ITUs consent and second- 
ary evidence and information 
derived from them. 

The Appeal Court said, how- 
ever, that documents lost their 
inviolability -when distributed 
by the ITC to its members - the 
UK, 22 other states and the Eu- 
ropean Community. 

The Law Lords’ ruling is like- 
ly to be given in four to six 
weeks. 


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I h f- M A \ (' H C S T E R U l> X 


Philip Stephens on a sanguine view of prospects for the economy 

A burst of optimism in the City 


IT PROBABLY had as much to 
do with self-preservation as 
forecasting, hot the reaction of 
City economists to the turmoil 
tnflnancial markets last week 
was a burst of optimism over 
Britain's economic outlook. 

The surprising consensus was 
that the Treasury’s assessment 
in the Autumn Statement on 
prospects for 1988 erred, if any- 
thing, on the side of caution. 

As a rising pound and sliding 
stock market pushed the Gov- 
ernment into another half-point 
cut In base rates to 9 per cent, 
the view in the City was that 
there were at least two more 
similar cuts to come. 

It Is not often that the young 
men who write brokers' circu- 
lars are more optimistic than 
the Treasury on the outlook for 
inflation. Bat last week virtual- 
ly all were agreed that the offi- 
cial view that retail prices will 
be rising at an annual rate of 
4Ub per cent at the end of 1988 
appeared too pessimistic. 

The forecast by Mr Nigel Law- 
son, the Chancellor, of a 2*A per 
cent rise in output next year 
was seen as plausible if frac- 
tionally on the high side. How- 
ever, there was little quarrel 
with Whitehall optimism over 
the outlook for public spending 
and borrowing. 

The statement surprised the 
City by carrying forward his 
forecast of a £Ibn public-sector 
borrowing requirement in the 
current 1987-88 financial 
as an assumption for 


but no one doubted that it still' 
left room for sizeable tax cuts. 
The Chancellor made clear also 
that next year’s target could be 
pushed back up towards fitim if 
growth turned out to be weaker 
than he expected. 

The Treasury's chief forecast- 
ers have put a series of deliber- 
ate obstacles in the way of any 
objective assessment of their 
projections. Many of the bey as- 
sumptions have, apparently, 
been declared official secrets. 

Thus, it is impossible to tell 
whether the projections for in- 
flation and exports are based 
an an exchange rate against the 
dollar closer to the $ 1.60 of a 
few weeks ago, or to the *L74 on 
the day of the statement 

The at 
level of 


on the likely 
d stock markets is 


equally vague, while there is no 
discussion at all about the ex- 
pected level of interest rates. 

However, it is clearly the 
Treasury's view that the col- 
lapse of world stock markets 
will have only a limited Impact 
on demand in the economy next 
year, perhaps reducing the 
overall growth rate by between 
V4 and Vi percentage point 

Consumer spending is expec- 
ted to remain buoyant, growing 
by 4 per cent in real terms in 
1988, with only a slight increase 
in personal-sector savings. Man- 
ufacturing investment is fore- 
east to accelerate, influenced 
more by recent strong growth in 
output and in industrial profits 


thaw by any Slowdown in the 
world economy. 

Inexplicably, world trade is 
expected to be virtually im- 
mune to the equity price slump, 

expanding faster fa 1688 than in 

1987. 

That latter pro j ection is at the 
centre of one of the few doubts 
that surfaced last week over the 

credibility of the Treasury’s as- 
sessment It is difficult to recon- 
cile a forecast that world trade 
in manufactured goods will rise 
by 4 per cent next year with the 
view that output in the seven 
leading industrial cou ntrie s 
will increase by only 2 per cent 

If the assumption that domes- 
tic demand in Britain’s econo- 
my will continue to rise storajy 
proves right and If sterling 
holds its gains against a weak- 
ening dollar, then the current 
account might look si gn ifi c an tly 
weaker. 

Economists at both Credit 
Suisse First Boston and at Gold- 
man Sachs, for example, be- 
lieve the official projection of a 
£3*&bn deficit In 1988 is likely to 
prove over-optimistic. 

However, such concerns were 
not enough to dampen expecta- 
tions of farther cuts in Interest 
rates. In the minds of most City 
economists, a fall in base rates 
to 8 per cent in the next few 
months is already discounted. 
The real optimists are looking 
for an even steeper reduction. 

Mr Lawson’s hurried move to 
lower rates last Wednesday 
does suggest that restoring sta- 


bility on flwanefai markets is 
now at the top of the list of pri- 
orities. As one City observer re- 
marked last week, the Chancel- 
lor appears to have replaced a 
broad money policy with a 
broad equity policy. 

His re-affirmed commitment 
to limit any farther gains for 
sterling and, above all, to hold it 
below DM3, reinforced the opti- 
mism over borrowing costs. 

Privately, Whitehall officials 
concede that if stock markets 
continue to decline and sterling 
goes on rising, then Mr Lawson 

will move to cut rates again. But 
official enthusiasm for getting 
borrowing costs down to 8 per 
cent is far less obvious than that 
of City economists. 

Mr Lawson’s upbeat com- 
ments on the prospects for a 
new agreement on co-ordinated 
international Interest rate cuts, 
if and when the US secures a 
credible reduction in its Budget 
deficit, are based as much upon 
hope as inside knowledge. 

The mood among senior poli- 
cy maters in West Germany last 
week after the US decision to 
begin talking down the dollar 
again, was far from co-opera- 
tive. 

The Bank of England has not 
forgotten that a succession of 
cuts in interest rates has been 
followed by a sudden loss of 
confidence in financial markets 
- and while rates tend of fall in 
point stages they tend to go 
up again in jumps of 2 points. 


Building activity 
‘showing little 
sign of slackening 9 


BY ANDREW TAYLOR 

THE RESURGENCE in the UK 
construction industry, which is 
now enjoying its best period 
since the building boom of the 
early 1970s, shows little sign yet 
of slackening, according to two 
workload surveys conducted 
this autumn by quantity survey- 
ors and civil engineers. 

Order books of quantity sur- 
veyors, like those of architects, 
provide an important early 
warning of fature workloads for 
the rest of the construction in- 
dustry. 

According to the Royal Insti- 
tution of Chartered Surveyors, 
order books of quantity survey- 
ors in the three rwnnthw to the 
end of September were 7.4 per 
cent higher than in the previous 
three months and 24 per cent 
higher than at the same stage a 
year ago. 

' The Federation of Civil Engi- 
neers, which has also published 
its latest wort load survey, says 
the number of companies re- 
porting increases in orders has 
continued to rise. 

Its survey, conducted in Octo- 
ber, is welcomed by civil engi- 
neers as reinforcing the opti- 
mism expressed by many 
contractors about ftitare pros- 
pects. 

"For a growing number of 
companies, especially among 
those in the larger categories. 


future prospects now seem 
much rosier compared with one 
year and even six months ago. 

Such optimism is supported 
by a fall in the numbers of com- 
panies anticipating a downward 
trend in orders for new works. 

The office building and refur- 
bishment market in London and 
south east England and the re- 
tail sector, particularly out-of- 
town shopping centres, have 
been among the biggest growth 
markets 

The construction industry 
will now be waiting to see what 
impact the recent sharp fall in 
share prices, together with the 
shake-out in employment 
among financial services com- 
panies, may have on order pros- 
pects. 

Architects in the City of Lon- 
don, which might be expected to 
feel the first effects of a cut in 
building activity, say there is no 
sign yet of financial services 
groups curtailing office expan- 
sion and refurbishment plans. 

The general Impression is 
that if there is going to be a cut 
in investment, it is unlikely to 
emerge immediately, given that 
space in the City is generally re- 
garded as being in short supply 
and that most companies will 
wait to see if shares have any 
Anther to fall before taking a 
decision on investment plans. 


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highest rmcfcomerskwhthemstomworicL 
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Financial Times M6nUa> November 9 I$K7 


UK NEWS 


Renewal drive 
launched for to loss on 

inner Bristol I By Lynton McLain 


BY ANTHONY MORETON 

AN IMPORTANT drive to re- 
generate parts of inner Bristol 
u to be launched in the city un- 
der the Phoenix banner today. 

Four areas have been identi- 
fied for development - the city's 
docks, Bedminster, the St 
Anne's-St Thomas central area 
and Avonmouth. 

Phoenix was set up with gov- 
ernment approval two years ago 
to seek partnerships between 
private enterprise and local au- 
thorities to Airther urban re- 
newal in the inner cities. A na- 
tional board is headed by Sir 
Colin Comess, chairman of 
Redland. 

The Bristol project will be the 
third undertaken by Phoenix. 
Schemes have already been set 
up in Manchester and Salford 
and it is thought that another in 
the Wirral is under consider- 
ation. A further two are likely 
before the end of the year and 
Plymouth is among the cities 
considering the initiative. 

"Phoenix' is not about altru- 
Isnuso much as about enlight- 
ened self-interest," said Mr Den- 
is Burns, who has been 
seconded from accountants Ar- 
thur Young to head the Bristol 
group. 

"We are trying to make people 
see that if Bristol, is improved, 
new companies will come here 
and this will be of immense 
benefit to everyone." 

The Phoenix operation got off 


to a faltering start nationally, 
when Sir Nigel Broackes, chair- 
man of Trafalgar House, re-; 
{Used to take on the national i 
chairmanship, saying that with- 
out government funding its 1 
chances of success would be 
hampered. 

Sir Colin Comess, who had 
stood aside to allow Sir Nigel to 
take over, then came back to 
lead the organisation. 

A Phoenix board has been set 
up in Bristol comprising Mr Ken 
Harper, president of the South 
West region of the Building Em- 
ployers Confederation; Mr An-, 
drew Breach, chairman of the 
Bristol and West Building Soci- 
ety; Mr Chris Ledger, chief ex- 
ecutive of the national Phoenix; 
and Mr George Me Watters, 
chairman of HTV. Bristol Coun- 
cil is also giving full backing to 
the project 

Mr Burns says that economic 
regeneration is only one theme 
being considered. Phoenix will 
also seek to make Bristol more 
attractive environmentally, im-’ 
prove its leisure facilities, 
housing, and shopping. 

The first stage is to raise; 
enough money to undertake a 
study of the necessary work and 
ran the administrative 

staff 

A preliminary meeting of 
banks, financial services, build- 
ers, council officials and others 
in September has already given 
the idea its approvaL 


Opposition increasing to 
bill on all-day pub hours 


BY USA WOOD 

OPPOSITION IS growing to the- 
Government’s bill to allow pub- 
lic houses to remain open for up 
to 12 hours a day. 

The Licensing Bill will be de- 
bated in the House of Commons 
today. Many Labour MPs are ex- 
pected to vote against its second 
reading and there is strong op- 
position ft- om some Conserva- 
tive MPs. 

In addition, organisations 
such as Action on Alcohol 
Abuse, probation officers and 


medical colleges are stepping! 
np their lobbying efforts against, 
the bill. 

The bill would enable public i 
houses to open between 11am 1 
and 11pm every day, except! 
Sunday. 

The Government has drawn 
heavily on the Scottish experi- 
ence, where more flexible li- 
censing hours were introduced 1 
in 1977. According to surveys,! 
the change in Scotland has not; 
led to a significant increase In 
alcohol consumption. ' 


BRITISH RAIL is forecasting 
a loss of £100m on Its Intercity 
services for the year to the end 
of March, but expects it to be- 
come the first BR national rail 

passenger service to operate 
without a loss, in 1999-91. 

The loss this year is after re- 
ceipt of a grant from the Gov- 
ernment estimated at £1 J2m by 
the end of 1987-88. This is the 
ilast grant BR will receive for 
operating its Intercity ser- 
vices. 

Government policy Is to 
phase eat grants for the Brit- 
ilsh Rail Intercity, freight and 
jparcels operations by April 1 
. next year, to encourage greater 
■ effic i e ncy and a more commer- 
cial approach. 

; Last year, U8887, Intercity 
.made a loss of £99Am on a 
; turnover of£857.6m. 

. The British Ball board set 
Intercity a target of £17m prof- 

More UK News 
on Page 14 

it before interest charges and 
i after charging depreciation at 
current cost for 1989-90. In- 
tercity does Ml expect to meet 
the target 

Forecasts la the BR five-year 
corporate plan published in 
Jib, showed that Intercity 
would be about £39m short of 
the target 

Dr Js*a Prideanx, the dlree- 
• tor of Intercity, says, in a 
I speech to be given to the Char- 
tered Institute of Transport to- 
night that the financial turn- 
round expected of Intercity, 
related to t u rno ver , "la to be 
achieved at a foster rater than 
recent tnrnztnmds at British 
Steel or British Airways. 

"Efficiency wUl be greatly 
improved by the elimination of 
surplus assets and better pro- 
ductivity," he says. 

The changing approach Is II- 
Instnted by changes made to 
.the BR overnight sleeper ser- 
vices, with a revised service, 
.using new sleeper trains. 

1 "Attention to detail will 
Intake the difference between 
;onr success and follure." The 
■detailed appraisal wUl be 
down to a sufde train, a single 
carriage and to the Individual, 
Dr Prideaux says. 




Richard Evans on implications of the opening up of computer files to the public this week 

Problems of administering the right to know 

cations - personnel and payroll: i — t ter allegations that he was ator- 

marikgtiug. Including <£rect ' ■ tag data about fellow officers 

maaTpureW letfeSTanriSa- ,and criminal cases on his home 

■ TTSme doubt.- « 

toadd other activities if neett- .. 

Amain forms divide cod*. I eluding anyra°nls hetf for a* 

pater, users into TO categories ^ 

and large companies are expee- ^ ? r detac SLS?“jf- 0 tef 

ted to register under several J ing ah offender, or for tax col- 

headings, sues as customers \ ~ .lection. u 

andVUcnts, peSoxmS^Sd \ 

marketing ^ and sales. Regurtra- V ■ eas ^ P° U ^ H ^jd*wberea 

tion hasbeen a big headache ; \ cod L2f 

and in many cases a ♦«*«»" of ' • worked out, -and medical de- 
people has had to work foil time tails. There is access jo comput- 

for fl data Iiwr to Anrara wml — I edsed medical records, but that 

pUance with the act TUP DATA may be refosed if & doctor 

But the legislation is —— 1 1 iliji ± JT\ X / V thinks the information is likely 

wnu prove* — ,u*te PROTECTION f ^aage seriously a patient’s 

lion must register with the Data nwwriraiarnKecu«nAcs andto help members of the pub- rtdW.i.s™ 

Protection Register at Wilms- time about 110,000 out of an esti- lie exercise those rights the Q fRAR 

low in Cheshire. They have to mated 300^000 had done so. The - Registrar has an important role ^ applies onty. to computeris^i 

state the type of data stored, rest were technically breaking as an ombudsman. ■ .. , ... r ^ OT ? s ; 

what it is used for, and under- the law. He says; “The main thing is to pfr ***** *** e *£** *** 8 da , ta , u ^I n< ^ 

to abide by certain princi- Since then progress has con- make sure that anyone with a has an investigation and en- access Is to trails for material to 

pies relating to its accuracy, se- tinned to be slow. Register en- grievance knows that there is forcemeat team. card tadex files, !}icb axe not 

curity and disclosure. tries are now around 147,000, al- someone to whom they can turn ready carried out 9,000 checks covered by the legislation. How- 

Failure to register is a crimi- though revised es timat e s have in the first instance. Their prob- °r^? i5a tl< ?2!LJ£2J!2S awS 80 

nal offence andoffendero can brought the numbers of compa- lem may be resolved by my in- should have amtjhis ts happening on 

be fined £2,000 by magistrates nies and individuals thought to terVention. without foss and January there will be l3 regioD- any significant 8C ^ e ^ r . 

or face unlimited fines in be eligible down to between without the need to go to court al investigators, nearty all for- The Campaign for Freedom of 

higher courts. 200,000 and 250.000 From They do need to: go to law, how- mer poUcemen. wbo will open- information comments m a crit- 

In theory, anyone will be able Wednesday the coat of registry- ever, if they seek compensa- ate on a "bo work, no pay" basis._ leal assess m ent of the act "Ei- 
flrom Wednesday to see any per- tion goes np from £22 to £40 for Hon." Critics of the act, believe Oiat. there right of access to person- 

sonal information stored by three years. So for, more than 400 com- the Registrar has too few staff al files ^ls a principle that is 

computer by applying to the Mr Eric Howe, Date Protec- plaints about the inaccuracy or and t°°. " ’accepted by the authorities or it 

government department or oth- tion Registrar and the man misuse of personal information Howe Js ca ^ 1 J* 1 ®, p 5Y*n 

er organisation concerned. A charged with implementing the have been received andthe rate have started for valid for computerised flies but 

fee will be payable up to a max- act, warns; "We are stiff sub- has . increased to about 30 a ^Sistor aad this month several not for manually compiled 
imum of £10 and a period of 40 stantially down on target and month. It Is expected to rise compaweswill find themseroM ones?* ' 

days will be allowed for provid- we are going to have to get sharply when the 'act comes Ail- -in court TEhelaw has teeth and Mr Howe sees the act as part 
ing the information. tougher.* ly into operation. - • . we will use it, says Mr JHowe. or a long-term 1 effort to change 

But in practice there are con- One of the difficulties has About half the- complaints The ultimate weapon, apart public perceptions about the 
k fining diffic ulties. Extensive beon the By zantine eompi <*»Hy • have been resolved by talking to.- from prosecution • m court for use of computers - a massive ed- 
publicity has been given to the of the legislation - one section the complainants or fay corre- not registering, is removal from u cation exercise. Its critics re- 
act as its provisions of the original guidelines quail- spondance 'with the organise- the register, preyemting a nser gard it as ineffective for that 

have come into force, but at tied justifiably for entry to the tion involved, vrtth .the remain- from processing data legally. purpose. • 


PEOPLE WILL have the right 
from Wednesday to inspect 
computer files hud on them by 
government departments, local 
authorities, banks and compa- 
nies when the Data Protection 
Act comes folly into force: It 
will be the first time this has 
been possible and an important 
landmark In UR public policy. 

The subject-access provisions 
of the controversial act, passed 
in 1984 to ensure that British 
law complies with European 
Community legislation, are re- 
garded by some as a highly sig- 
nificant advance in civil rights 
but by others as too woolly and 
ambiguous to be effective. 

Under the act, all data users 
who process personal informa-' 
tion must register with the Data 
Protection Register at Wilms- 
low in Cheshire. They have to 
state the type of data stored, 
what it is used for, and under- 
take to abide by certain princi- 
ples relating to its accuracy, se- 
curity and disclosure. 

Failure to register is a crimi- 
nal offence and offenders can 
be fined £2,000 by magistrates 
or . face unlimited fines in 


In theory, anyone will be able 
from Wednesday to see any per- 
sonal information stored by 
computer by applying to the 
government department or oth- 
er organisation concerned. A 
fee will be payable up to a max- 
imum of £10 and a period of 40 
days will be allowed for provid- 
ing the information. 

But in practice there are con- 
tinuing difficulties. Extensive 
publicity has been given to the 
act as its escalating provisions 
have come into force, but at 
least 100,000 small and medi- 
um-sued companies have still 
not registered their computer- 
ised files. 

Registration began two years 
ago and data users and comput- 
er bureaux were given until 
May 1988 to register. At that 


Eric Howe: already prosecuting 
under Data Protection Act 

time about 110,000 out of ah esti- 
mated 300,000 had done so. The’ 
rest were technically breaking 
the law. 

Since then progress has con- 
tinued to be slow. Register en- 
tries are now around 147,000, al- 
though revised estimates have 
brought the numbers of compa- 
nies and individuals thought to 
be eligible- down to between 
200,000 and 250,000. From 
Wednesday the cost of registra- 
tion goes up from £22 to £40 for 
three years. 

Mr Eric Howe, Data Protec- 
tion Registrar and the man 
charged with implementing the 
act, warns: "We are still sub- 
stantially down on target and 
we are going to have to get 
tougher.* 

One of the difficulties has 
been the Byzantine complexity 
of the legislation - one section 
of the original guidelines quali- 
fied justifiably for entry to the 
Plain English Campaign’s gob- 
bledegook eonperafloT 

Ur Howe has sought to over- 
come that by introducing a sim- 
pler registration form for mall 
businesses, and that has 
helped. It identifies the four 
most common computer appli- 


cations - personnel and payroll; 
m a rke t ing , including direct 
mail; purchase ledger; and cus- 
tomer and sales records. There 
is also provision fora, data user 
to add other activities if neces- 

mate forms divide coin* 
pater, users into 70 categories 
and large companies are expec- 
ted to register under several 
headings, such as customers 
and clients, personnel, and 
marketing and' sales. Registra- 
tion hasbeeU a big headache 
and in many cases a team of 
people has had to work foil time 
for a data user to ensure com- 
pliance with the act . 

But the legislation is essen- 
tially about individuals’ rights, 
and to help members of the pub- 
lic exercise those rights the 
Registrar has an important role 
as an ombudsman. 

He says; The main thti^g is to 
mak e sure that anyone with a 
grievance knows that there is 
someone to Whom they can turn 
in the first instance. Their prob- 
lem may be resolved by my in- 
tervention. without -fbss and 
without the need to go to court. ■ 
They do need to goto law, how- 
ever, if they seek compensa- 
tion." 

So fer, more than 400 com- 
plaints about the inaccuracy or ' 
misuse of personal information 
have been received andthe rate 
has. increased to about SO a • 
month. It Is expected to rise 
sharply when the act comes ful- 
ly into operation. . • ■ 

About half the* complaints 
have.been resolved by tautingto. 
the complainants or fay corre-- 
spondance with the organisa- 
tion involved, with the remain- 
der needing further 
investigation. A third Of all com- 
plaints have conc er ned unsoli- 
cited mail and a (farther third 
have been about getting access 
to records. 

To help him track down and 
prosecute those who fell to own- 


THE DATA 
PROTECTION 
REGISTRAR 

ply with the law, the Registrar 
has an investigation, and en- 
forcement team. They have al- 
ready carried out 9,000 chec k s 
on organisations to see if they 
should have registered. From 
January there will be 13 region- 
al. investigators, nearly all -for- 
mer policemen, who will oper- 
ate on a "too work, no pay" basis. 

Critics of the act believe that 
the Registrar has too few staff 
and too few powers, but Mr 
Howe rejects that Prosecutions 
have started for wilful failure to 
register and this month several 
companies will find themselves 
. In court. The law has teeth and 
we willuse it," says MrBowe. ■ 

The ultimate weapon, apart 
from prosecution - in court for 
not registering, is removal from 
the register, preventing a nser 
from processing data legally. 

The first public sign that the 
Registrar . means to get tough 
came in late October when mag- 
istrates in Burton-on-Trent is- 
sued the first search warrant 
under the act Investigators, 
supported by police, raided the 
home of a special constable af- 


and his 60-strong team will be 
seen as an important protector 
of civil rights or as anew borau- 
era tic bogey to rank alongside 
tiie VATman 


Combined marketing rejected Sheffield £70m project 

O «F BY PAUL CHEESOUQHT.PROPEFriY CORRESPONDENT 


’ BY nBONA McEWAN 
THE GROWING trend towards 
integrated marketing services 
groups is given the- thumbs 
down by many of Britain’s top 
businessmen in a new survey. 

The findings of the study, con- 
ducted by Mintei, the market re- 
search company, suggest that 
leading British companies seek- 
I ing the beat in marketing ser- 
vices believe Integration breeds 
contempt 


Fewer than one in 10 of the 81 
decision-makers questioned 
said they would buy different 
marketing services from the 
same agency or group,, while 
nearly half -said they preferred 


Their preference flies in the 
face of the deliberate move 
among publicly quoted service 
companies towards diversifica- 
tion 


The degree to wiueix client 
companies do want the 
so-called "one-stop shop", how- 
ever, has always been debat- 
able. But many service groups 
claim that while they hope cli- 
ents will be shared among sub- 
sidiaries, they do not expect It 


BY PAUL CHEEBERiaiff J*HOPEHTYCORRE8POHPPIT - . 

SHEARWATER Property plans calls a leisure corridor. It is 


to start construction of a shop- 
ping, leisure and residential 


ed to be supported tty an 
regeneration grant of at 


£S 50, araQfl 
House, 7 Ai 
WC2R3DR. 


ping, KMDUii; IUIU iWWW Mi -m a sutMua ,_u- • , 

complex on the edge of- Shef- least £5m.from the JJepartment 
field city centre In mid-1988. of the Environment , 

The firrt phase oft be develop- There are 2£00 acres of land 

meat will cost £25m but total ta the valley, of which 40 per 
costs of the project will be near- cent is either degraded or dere- 
er£70m- lict after the departyms of steel 

The scheme is one of four de- im fruetry - C >; 

SSmaedLovraiflton ! ValleyKJ The Shearwater scheme is on 

- ■ - ■ - — , a n the Canal Basis 


1 .to what Sheffield -City Connell 


Rentals 


■ • ■ ■ ■ \ 
■ j 


When it^ comes id location, no ocher businessarea 

d ^toV^ningtm-Runcom. - 

va. . , Because » as the nationfc most central location, 
afTt ngton-Runc3orn offers ix^sarafieled access nation^”®* 
afarvv-j “ringing afl markets, wherever In the UK 

aeuv ’ t fy time and costs. 

North w * c * est choice of premises and 

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^^gtonWAI 2LF. 

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frequency range 14.0 GHZ to 14.5 GHZ. 
Submissions close with the Controller Engineering Contracts 
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December, 1987. : 

Further Information and specifications may be obtained from:— 

Mr Man Jones, Controller Engineering Contracts A Supply, 
AUSSAT HOUSE, Urol 13, 54 Carrington Street, Sidney, 
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13 



I IMAGINE TWIN FOG LAMPS 
ARE FITTED." , , ; v 








BMW have always placed more emphasis on 
acceleration than on accessories. 


ling more highly than vanity minors ora vinyl roof. 

It is a polity that has caused irritation to many a 
keeper of the corporate purse.. 

Vfes, the money men are rrrost appreciative of the 
5 Series’ habit of holding its price. 

Yes, they are most happy with the high service 
intervals, the low mileage costs. 

Butalas, they are rK^fondof addingerdrastorneet 
individual tastes. 

Ever keen to keep everyone happy BMW have 
now introduced their Lux models. High specification 
versions of three popular five series saloons. 

There's the four cylinder, 1.8 litre 518i Lux at 


£12,395, the six cylinder2 litre 520i Luxat£14,590and 
the £16,285 525e Lux. A 2.7 Jitre that’s electronically 
managed for efficiency. 

ki addition tb their customary tinted glass, central 
locking and electee front windows, all three meet the 
demands made above. 

Andmeetthem handsomely. 

No ordinary alloy wheelsthese, butthe wide profile 
cross spoke variety 

No run-of-the-mill leather wheel, but a glove-soft, 
hand stitched version. 

No plastic pop up sunroof, but a sliding one, 
engineered in steel. 

And so it is with all the extra items that BMW have 
chosen to add. As you will see, if you add your name to 
the coupon. 


1 Please send me details of: fD 

BMW518iLux D BMW 520i Lux □ BMW525eLuxD 
BMW 5 Series Range □ 


(Mi; Mrs, Miss, do.) Surname 
i r 1 1 * - 1 — £ — i — i — 

Address 

i ■ » r_i — t: — l._l — L— 

(Town/City) 

f » i i i -■> --» — » - j 

(Postcode) 

. r -i i — i — i — i — i — i — 

Present Car 


(County) 

i i i i i i 

(Telephone Number) 


’Year of Registration 

(would like to arrange a test drive tH ohm 
S end to BMWJnformation Service, PO Box 46, 
Hounslow, Middx. TW4 6NF. Tel: 01-897 6665. 


Age if under 18 


DOT FUEL CONSUMPTION FIGURES FOR THE BMW 525e, URBAN: 2&0MPG (11.31/lOQKM). 56MPH: 47.1MPG (6.0L/100KM),75MPH: 37.7MPG (7.5L/100KM). PRICES CORRECT AT TIME OF GOING TO.PRESS INCLUDE CAR TAX +MT BUT NOT DELIVERY OR NUMBER PLATES. INCLUSIVE DELIVERY CHARGE, 
WQXZPORAnNGSMWEUERGENCT SERVICE AND INITW, SERVICES, £233 + »T. FOR INFORMAnON ON THE 5 SERIES UK RANGE OR ON THE 5 SERIES PLEASE FILL IN THE COUPON OR TELEPHONE 01^7 6665 (LfTERflURE REQUESTS ONLY). FOR TAX FREE SALES TEL- 01^29 3277. 


Finan ci al Times Monday November .9 19S7 


"I REQUIRE A SUNROOF 
AS STANDARD EQUIPMENT." 


"I WANT REAR HEAD RESTRAINTS 
AS WELL AS FRONT ONES/' 


I EXPECT A LEATHER STEERING WHEEL 
TO BE INCLUDED IN THE PRICE/' 


"I'D LIKE ALLOY WHEELS 
AT NO EXTRA CHARGE /' 


A BMW 5 SERIES TO SAT SFY 


THE MOST DEMAND NG DRIVER. 




Financial Tunes Monday November 91 987 





*6 









■p i 

if 

ft 


!Nm.AYS BANS, fTD 

_ H I l K 


L | UlItTT^* 1 * 1 ' 



IS 


As the home of . 

Grindlays Bank in 
London, 13 St. James’s 
Square could be worth 
bearing in mind if you 
have substantial sums to 
protect during the current 
upheavals in financial markets. 

The Grindlays ethos of total security and 
privacy offers a reassuring alternative to the 
markets’ capriciousness. Whether your plan 
is for long or short-term deposits, Grindlays 
gives you immediate access to 150 years of 
international banking expertise marked by 
highly personal service. 

The depth of our approach is complemented 
by the strength of our resources. In addition 
to paid-up capital and reserves of some £700 
million, Grindlays is a member of the Australia 


and New Zealand Bank 
ing Group, one of the 
world’s top 100 banks 
with assets of well over 
£25 billion. 


r . wm 


If recent experience 
inclines you to discuss your needs in 
confidence with experienced professionals, 
why not ring Peter Hand or Ian McPherson 
on 01-930 4611? 

It should prove a lot more rewarding than 
trying to ride out the storm on your own. 


Grindlays Bank p.I.c. 

Member ANZ Group 

13 St James’s Square, London SW1Y 4LF 


tfivu 


The Care and Protection of Private Capital — Internationally 




mm Group 




Financial Times Monday November? 1987 



CRENDON 


for 

l#-T*ch Industrie* 

C»»(X)NSTRUCniReSL)UlTK» 
Lobb Bucto. 

Tit Long Cnndan (08441 20SM1 
Trine 83249 


CONSTRUCTION CONTRACTS 


15 


Nine-floor 
City office 

Contracts totalling otbt £23m far 
a hospital extension in North 
London and an offiee bonding in 
the Ci ty hav e been awarded to 
KYLE STEWART. 

Work has started on a £UUta 
contract to construct a nine-floor 
office building at AJdenaanliiuy 
Square in the City of London, for 
Heredi table City Investments. 
The steel-frame structure wffi be 
clad in French limestone, pol- 
ished granite and glass. 

Dne for completion in early 1389, 
work on the 67,490 sqJt offices 
Involves temporary works to 
brace a deep excavation down to 
30 ft below ground level. 

At Whittington Hospital, High-, 
gate Hill, a £ML6m project Is to 
start soon involving eonstrnettan 
of St Mary's wing, containing op- 
erating theatres, recovery wards 
and communal facilities. Com- 
pletion Is dne in three years. 

Industrial 

complex 

WILLETT, a Trafalgar Honse 
company, has been awarded 
three projects worth £ 15 m In the 
sooth of England. The largest, 
worth £7m, is a high-technology 
office complex at Waterside 
Park, near Bracknell, far Water- 
side Park LfrL, a Joint venture 
b etween London and Edinborgb 
Trust and Tarmac Properties. Inj 
a parkland setting a development! 
will be constructed to provide re- 
gional offices, a customer event 
centre, a research facility mad a 
service centre for ICL. At the Fo- 
rum, Stevenage, Willett has com-, 
menced a EMm shopping com- 
plex for Goldqnill which 
comprises a steel-framed supers 
store and shop unitoThe piled 
foundations wfll be constructed 
by Trafalgar House associate Ce- 
mentation Piling and Foundai 
lions. Willett is also constncti 
Log a £3-2m 140,000 sq K 
singl e stor ey steel-framed ware- 
house for Trafalgar House In- 
dustrial Developments at Basil- 
don, Essex. The facility will be a 
storage and di stri b uti on centra 
for CBS and will comprise two- 
storey integral offices, eight 
dock-levelling devices ami a far- 
ryparfc. 


£14m batch 
for Tarmac 

Projects worth more than £l4m 
have been awarded to TABMAC 
CONSTRUCTION. Hiree of . the 

at Trowbridge. Wiltshire, for 
Nestles (£4m£ warehouse exten- 
sions at Nuneaton, Warwick- 
shire, for Foster Brothers (£2m); 
and a two-storey catering com- 
plex at Pease Pottage, West Sus- 
sex, for Trusthouse Forte (£1.2 

nO. 

In the north-west the compa- 
ny has contracts for extensions 
to shopping units at Poolton-le- 
Fylde, Lancashire, for Glad- 
stone Management Services 
(£525,000), and 
from Merww 1 
Authority fin: designing and 
building ambulance stations at 
Bootle (£402,000) and Fazaker- 
ley (£474,000). 

Two projects have been 
awarded to Tarmac Construc- 
tion Refaxb. They are for refa v- 
bfshlng a hang ar for Birmingh- 
am . international Airport 
(jEAB&flOOh- and alterations and! 
extensions to the Bings Head 
public house, WeUesbourne, 
Warwickshire, for Bass Mitnh- 
ells and Butlers (£415,000). 

Contracts totalling £ASm have 
been awarded to the 
housing division. 


Japanese Gallery at 
British Museum 


WU TO HIEK CONSTRUCTION 
has won contracts north more 
than £Um in London. 

Largest is the £3L6m Japanese 
Gallery at the British Museum, 
due to start this month and to 
to the publie at the end of 


At Moscou Road, W2, work has 


provement of 78 flats in a ten- 
storey block at Charterhouse 
Square, ECL 

At Park Place, SWI, the com- 
pany is to build a £l.lmsix-3to- 
rey office block behind an exist- 
ing facade for La mg Estates; 
while at Holland Park, Wll, it is 
converting a building Into flats 


started on a five-storey block of for IDC P ro p e rty Investments 
fiats with basement car park tin- forELlm. 


der a £Z5m contract for Bose- 
ha ugh Co-Partnership Develop- 
ments. 

For Begriian Developments, 

_ work has begun, on a £2nveAuv 

two contracts .biahment, conversion and im- > 

gional Health — -•••• ■ . — n 

Ms.ju North Carolina offices 


Work has' started on an 
£800,000 contract 'to refurbish 
four floors of offices in Long 
Acre, Covent Garden, for Cen- 
tral Land Investments. 


£20m road 
upgrading 

A joint venture by NORWEST 
HOLST CONSTBUCTION 
SOUTHERN and EDMUND 
NUTTALLhas won a £20m con- 
tract to improve the A43 and 
A421 between Peartree Hill and 
Wendlebuxy in Oxfordshire. 

The contract will provide a 
dual two-lane carriageway be- 
tween the A34/A48 junction 
north of Oxford at Peartree Hill 
and the projected M4Q motor- 
way junction at Wendlebuxy. 

A new section of road will 
and 


contract 


TRIBBLE HARRIS U INC 
(THD has won a $L6m (£914^285) 
design contract for a new 
250,000 sq ft office complex in 
the Carnegie Center Office 
Park, Charlotte, North Carolina. 
US- The ’Rotunda’ building will 
include parking for 800 cars, 
and feature a series of 50 water- 
falls along the 600 ft front walL 
When completed in Autumn last 
year, tenants will include the 


ce for 

con- 


ny, who will be taking 
its new headquarters. 1 
tract is the third in t he 90 acre 
park to be awarded to THL, who 
designed the first two phases. 


Bridge: from there a farther 
Okm of single carriageway to 
Wendlebuxy will be dualled. 

Grade separated junctions 
will be built at Peartree Hill 
and Westou-on-the-Green, and 
the contract includes four over- 
bridges, three tmderbridges 
and 17 culverts. 


£15m building services 


Mixed bag for Longley 


CO has ceuticaFs premises at Hunters 
Fallon Heath. ' 


JAMES LONGLEY A 
won £15m worth of contracts In- Chase, Wi 
eluding ' a £3J5m 57,000 sq ft Barclays Bank's branch at 
Sainsbury superstore in Ports- Crawly, Sussex, is to be partly 
mouth, Hants, and i E&Sm air- refitted ami a similar contract 
craft hangar for Dan Air at Ga- is to be undertaken for solici- 
twick Airport. These gains are tors D J Freeman at its offices 
itional tof - ' 


DRAKE & SCULL ENGINEER- 
ING (a Simon Engineering com- 
pany) has secured contracts val- 
developers, the BisseU compa- ued at £15m for building 
a engineering services in the UK. 

Two of the larger contracts 
are in Portsmouth. One, valued 
at £437m, calls for mechanical, 
electrical and plumbing ser- 
vices to be installed in the new 
Cascades Shopping Centre: 'The 
second worth £3iam, is for me- 
chanical and electrical installa- 


tions in a new operatin^theatre 


the £24m of new in New Street. London EC4. 
announced last 


addii 

contracts 
month. 

At Eton 

alterations and 

programme for the Minting sci- 
ence block will provide lan- 
guage laboratories and an au- 
dio visual cinema. Under a 
£420,000 contract for the Histor- 
ic Building and Monument Com- 
mission repairs and modifica- 
tions are to be made to Battle 
Abbey Great Gatehouse exhibi- 
tion and museum rooms. 

The project for the Queen Al- 
exandra Hospital Home for dis- 
abled ex-servicemen in Worth- 
ing, Sussex, involves the 
construction of a £800,000 00- 
bed dormitory annexe and an- 
cilliary facilities. At the Royal 
Hosp ital fr Home, Putney, Lon- 
don SW15, the £L6m second 
phase of a major refurbishment 
contract will result in fall mod- 
ernisation of the original hospi- 
tal building while It remains in 
continuous use. 

Two Surrey pandects Include a 
three- storey retail and office 
scheme in Sutton, to be de- 
signed and built by Longley for 
Marshall's Charity, ana reflnv 
bishment of Beeduun Pharraa- 


and imaging block 
Hospital 
In Cambuslang, 


Mary's 


tion of 194 houses is to be un- 
- dertaken at a cost of £3L2ffin un- 
der a contract awarded by the 
City of Glasgow District Coun- 
cil. 

Design and installation of the 
mechanical, electrical and 
plumbing services worth £L33m 
are to be undertaken for Grana- 
da Studios Tour's new tourist 
attraction at CastlefieldL Man- 
chester. Mechanical and elec- 
trical work valued at £L35m is to 
be carried out at the Data Pro- 
cessing Centre in Wavertree 
Technology Park, LiverpooL 
mode rnise - Other projects total BUOm. 


U.K INDUSTRIAL PROSPECTS 

The Financial Times proposes to 
publish this Survey on 

MONDAY 4TH JANUARY 1988 

For a full editorial synopsis and details 
of available advertisement positions, 
please contact: • 

BRETT TRAFFORi> 
on 01-248 5116 ; 
or write to him at: . 

Bracken House, 10 Cannon Street, 
London, EC4P 4BY 
Telex: 8954871 . 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


BRITISH-BORNEO PETROLEUM 
SYNDICATE, PJLC. 

INTERIM report for the HAW YEAR TO 301 H SEPTEM 


1 1987 

it W8H rcsnlvrd to pay ait Interim dividend 

per 


Ata.. _ 
of 7hp (1986/8?- 70p 

unit (1086/87 -i 8602 p). 

Tite dfrfctend wiQ be pa& Ofl 28to December 1887 to stockholder rcgistenri at the ck»e of 
business on 19th November 1887. 

^Theunaudited results, based on historic costs, for the half year to SOth September 1087 arc as 


hwm from Investments 

Profit on dealing activities 

Deposit interest and otter income 

Oil and Gas Production Income 
(lxMsyprofitofi Cmxency Conversions 

Profit on sale of U&GesPfamt 

Half year to Year to 

SOth September 31st March 
1987 1986 1987 

1881,135 £850,708 £1,324.011 
436356 65241 1/01,062 

118,212 76,481 167,552 

4/534 1,321 40/160 

(12*466) 4)274 (7551) 

12/042 


U28£71 

S88D2S 

2^60,786 

Ad“infatratton Expenses 

Amount written affUA Oil and G» Interests 

w 

(68843) 

( 16^16) 
(10.425) 
(M20) 

(174596) 

(62/390) 

(10/126) 

(2,753) 

Interest Payable 

Exploration Expenditure tn Canada 

0970) 


(122/966) 

(97/304) 

(250/365) 

Profit «m ordinary activities btfinre taxarion 

Taxation 

L30M05 

(400333) 

880,721 

(264,432) 

2J310/I20 

(759,785) 

Distributable Profits 

Dividends 

899/372 

(337,500) 

625289 1,550,635 

(315/100) (1/112,600) 


£561372 

£311/289 


Earnings per Stock Unit 

194p 

13J9p 

3L4p 


The profits for the half year are well ahead of the corresponding half-year but In the current 
unsettled situation of the stock markets, it is not passible to express the likely outcome for the 
nmyeBT. However, the Directors anticipate that they will, at least, be able to maintain the annual 
dividend. 

The Directors decided to write down the remaining bode value of US. 00 and Gas Interests to a 
nominal amount in view of the low level of current income and uncertain prospects in ibe USA. 

. Profit 00 dealing activities in the half-year to 30th September 1987 includes unrealised losses 
of £57,860 (half-year to 30A86 - £49.500). 

Jhe activities oi~ the Group continue to be in Inv e stment holding and dealing, and also in oil 
and gm production in the USA. 

Net Assets of the Company and its Subsidiaries at 30th September and 31st March 1987, were 
as follows: - 

SOth 


Fixed Assets 
"tangible Assets 

Ofl and Gas interests 
Quoted Investments held by Subsidiary 

Current Assets 

Quoted Investments 
Unquoted Investments 
Debtors 
Cash at bank 


QredUocs (fidfing due within one year) 
Net Current Assets 


(Unaudited) 

£2 

545,599 


54S£01 


31st March 
1987 
(Audited) 

£4%441 

55LB78 

600417 


2/B6075 

74^50 

15,196 

9468^67 

4 * 806,728 

967494 


IJ5I0217 

74250 

130,416 

2284291 

4,409,173 

1477250 


934LS34 

£4287435 


3231223 

532312*0 


The market value of tbe i 
1 531228247 at I 


toted Investments shown above, under fixed assets and c u rre nt 
i September 1987 and 528231255 at 3tat March 1987 showing an 


The above financial information does not amoiiht to ftuTaroounts within the meaning of the 
Companies Act 1985. The results for the year toSlst March 1987 have been extracted Cram the fhD 
accounts which received an unquakfied awfitonf report and have been filed with ths Registrar of 
Companies. 

Cornea of this Anno u ncement are being sent to Ml atocfcholdera and copies may be obtained 
from toe Secretaries at the Registered Office. 


Registered Office: 
Pembroke House, 
40 Cl (y Road, 
London, ECIYZAD 


f Outer of t he Boa rd 
Secretaries 
6th November 1987 


' . ij i- J *- . 

►: ; ■■yj- 

.'..s' • • «,. _ ’ " • • 


'-iN.'-iV •’ 


y'*i .V - 

■jr ■ . , 

/ .-.-v - •--Vc • . 


M Up to Half of the Car of Tomorrow Can Be 

r kA i ^ w 



The use of plastics in cars is 
increasing all the time. 



Both the cars on the race track and 
in rallying are subjected to enormous 
stress loads. This very fact makes these 
cars the best possible testing ground 
for new materials. 

The use of plastics in cars does cer- 
tainly grow, not only because plastic is 
cheaper - in fact certain plastic details 
are only used in the most expensive 
models - but because the properties of 
plastics are superior. They are strong 
and light weighing only a seventh of 
the weight of steel. 

Today the weight ratio of the plastics 
content in cars is just above 10 per cent, 
tomorrow it may well become more 
than half of the total. 

Tough, flexible and impact absorbing 
plastics are used for car bumpers, dash- 
boards, roof lining and steering wheels. 
Because of their non-rust properties 
plastics have newfound their way into 
inner mud guards, chassis details, even 
car body skirts. Safety factors and light 



weight has extended the use into fuel 
tanks. In the electrical system of a car, 
and in its electronics, the part played by 
plastics is of absolutely vital importance. 

Note Chemicals share of 
the European major plastics* 
market Is growing ail the 
time. 

Neste Chemicals started Its activities 
in early nineteenseventies. From that 
moment on the operation has expand- 
ed fast and scope of the business has 

grown by well timed investments and 
company acquisitions. And the speed is 
accelerating all the time. 


Today polyolefins are the main prod- 
ucts of hteste Chemicals. Both in 
pdyethytene and polypropylene plas- 
tics our products have achieved a repu- 
tation of high quality and advanced 
technology. Also in production vofyme 
Neste has become one of the leaders 
in the European polyolefins industry its 
mam market still being in the Nordic 
countries. Neste has polyethylene 
plants both in Finland and Sweden. 
Polypropylene is today manufactured 
only in Beringen, Belgium and it was an 
important milestone in the company's 
expansion when the production on 
the European continent was started in 
1986. Another polypropylene plant, 
due to be on stream in 1988, is under 
construction in Finland. 

The production of Neste Chemicals 
also covers oxochemicals, PVC, poly- 
styren, polyesters and a range of the 
most important petrochemicals and 
industrial chemicals. 

The base of Neste Chemicals oper- 
ations is founded on intensive product 
development and research which leans 
heavily on Neste's thorough knowledge 
of the complete production chain and 
excellent R & D facilities in Finland, 
Sweden as well as in Belgium. Our 
experts constantly work with our 
customers on their problems and all 
this knowledge is used forthe devel- 
opment of the final plastic products. 

Neste Chemicals is raring on the 
right trade to the pole position in 
Europe! 




Neste Chemicals Is an Important part of the internationally 
expanding Neste Corporation. 


Neste is the largest oil refiner and 
chemicals manufacturer in Scandinavia. 
Neste Chemicals is one of the biggest 
producers of polyethylene and poly- 
propylene in Europe. Neste Chemicals 
also makes petrochemicals, PVC, poly- 
styrene, polyesters and industrial 
chemicals. 

Neste Trading is one of the world’s 
leading oil traders, with well established 
operations in Europe, the USA and the 
Far East 


leste Chemicals at your service: 

NLAND. Neste Oy, Chemicals, 
qSS&Kulloo, td: + 35815 692111 
y Bed Group Ltd., Box 5, LakkissiSnkuja 5, 
-00621 Helsinki, tel. + 358 0756 91 
=NELUX. 

este Chemicals Benelux B.V., Breda, 

I. + 31 76 225 949 

este Polypropylene N.V., Beringen, 

L + 3211421T01 

ENMARIC Neste Kemi A/S, Frederiksberg, 

L+451191133 

ASTERN EUROPE, 

este Chemicals Handdsgeseilschaft mbH, 

enna, tel. + 43 222 855157 

este Oy, Moscow Office. Moscow, 

L 2077473, 2077488 


+4921161080 
ANCE . Neste Chimie France S A, Rungis, 
+331 46872227 
3NGKONG. 

ste Chemicals Far-East Ltd., Hong Kong, 

+ 852 5 239376/225572 

JY Neste Chemicals Italia. S.rJ„ Verona. 

+3945575066 

>AN. Neste Chemicals Far- East Ltd., 
•vote!. +81 35822021 
faWAY , Neste Kjemi A/S, Lysaker, 
+172122037 

ste iGemi A/S, Larvfk,tei.+4734 85160 

/EDEN. Neste Kemi AB, MaJm<5, 

+4640228240 

ste Oxo AB, Stenungsund, 

+4630385600 

ste PolyKterAB, Nol,td.+46 30340440 
ste Pblyeten AB, Stenungsund, 
+4630386000 

ste Therm iso) AB, Stockholm, 

+468248540 

/TTZERLAND/AUSTRIA 

ste Chemicals SA, 

neve. tel. +41 22.981444 

RKEY Neste Chemicals S A. Istanbul 

+1»1 1724212. 1724379 


Neste Shipping owns the most modem 
fleet in the world specializing in the 
transportation of crude oil, oil prod- 
ucts, gas and chemicals in exacting arctic 
waters. 

Neste Battery's production programme 
includes starting batteries, industrial 
batteries, and complete auxiliary power 
and solar energy systems. 



Neste means oil refining and trading. 



Neste means chemicab. 



Neste means batteries and auxiliary 
power systems. 


UNITED KINGDOM. 

Neste Chemicals UK Ltd., 

Wilmslcw, tel. + 44 625 523 345 
U-SA . Neste Chemicals Inc, 

New Brunswick, N.J., 

ttL +1201 2493900 

Cell op last USA, lnc,Teterboro, N.J., 

tel.+1 201 488 6160 

Neste Oy. Corporate Head Office. 

Kdlaniemi, 5F-02150 Espoo, Finland. 

tel.+ 358 04501 


NESTE 

OH & Chemicals 



* 




l 





: - •••«•* -i-rfK-aSf 
• • '' 

• 




TON MAKES; OVER 20* CB 
WORLD’S FLAT oiiSS’l.ll 


& 




mm\ 
m “ 




mm 


SOMETHING THAT’S 







i mmi 


Hi 


m. 






r-3L 


I. 


Be honest, did you notice the sheet of glass hanging in front 
of the girl; . 

No. And that happens to most of the 2. 2 m illion tonnes of 
glass that we make every year. .. 

What cant be overlooked is Pilkingtons- performance. 

Last year our profits rose 108% producing £256 million. 
Our sales of flat and safety glass went up by 71%, which accounted 
for more than three-quarters of our total profic 

We operate in 36 countries and licence the float glass 
process to 28. 

This process is used to make 98% of the worlds flat glass. 

Since then we’ve increased our list of firsts. . . 

A clear glass that becomes a barrier against heat, flame and 
smoke, in case of fire. A glass that lets the heat of the suri in, but 
not out, and plastic-faced anti-laceratiye windscreens. 

And there’s more in the pipeline. 

We invested £64 million in research and development last 
year to produce the next generation of Pilkington products. 

You may continue to ignore our S2| ? 

products but were sure our performance 
will continue to attract your attention. The woricftteading glass company. 


all 




h'ipum'Kil Time* Mopduv November V 1987 


THE MONDAY PAGE 


17 


Sell Yellowstone Park, Mr Reagan, but don’t deflate 


NO ONE needs reminding 
there la naif a gnat deal ef 
economic uncertainty. Oat ob- 
serve Oat the UMttWBtr it 
all on the downside. The rfekef 
a recession is unquestionably 
Bwph higher now than on Oc- 
tober ISL For this reason, it is a 
teriosi error fo engine hft- 
ens on the US badge! deficit, 
whatever the merits of deficit 
redaction might Jiave been be- 
fore Black Monday. 

The surest way to a recession 
is to attoefc the budget deficit 
in earnest. If government 

spending were lamer or taxes 
higher, aggregate demand 
would ftlL Inexorably, produc- 
tion would decline. And with 
production. Incomes. 

If the markets reonire reas- 
surance that 'aoroetmog is be- 
ing done abont the deficit', by 
all means let os provide reas- 
surance. But. net in a way 
which throws the economy fa- 
te recession. 


takas bb a 

: s in this eon- 

text. far the money chat priva- 
tisation brings Into fae pnhllc 
treasury involves a^ exchange 
of assets rather than a redne- 
tton of QenAjog far n^wly pro- 
duced goods «qd services. 

Unfortunately, compared to 
Mrs Thatcher or Kr Chirac, Mr 
Reagan has precious lhtle to 
sell Bis ewn party might des- 
ert W» if it wore to come to 
privatising the national parts - 
imagine Ypltowstoae a t heme 
park - or turning the inter- 
states ever to private entrepre- 


It most bf said that, since 
1983, President Beagan’S per- 
formance In the economic 
sphere has been infinitely bet- 
ter than Us rhetoric. In a 
world awash with excess sav- 
ing, American budget deficits 
have been crucial to making 
■p toe gfakal demand deficien- 
cy. Deploring decades of Kjbjb- 


slan polities M gfo solace to 
his party, bnt tbe truth is that 
no one coold have fallowed 
Keynesian logic more closely - 
whatever might have 

been given to the policies. 

However, expanding the 
global economy has entailed 

huge International payments 

imbala nces and an Increasing 
foreign debt. Policies that 
would have involved no ad- 
verse in tenia tiena] eense- 
Quences when the dollar was 
grossly EffidsHsvalasd, as In the 
1950s, will net work In the en- 
vironment ef tihe 1980s. The 
days of American hegemony 
are long past 

The conventional wisdom Is 
that redaction of the budget 
deficit will reduce toe exter- 
nal deficit. The conventional 
wisdom may be right, albeit for 
the wro&g reason. At one time 
it was believed that reducing 
toe budget rfefieft would help 
toe trade balance by rednefng 


the pressure of government 

borrowing on interest rates. 

This was supposed to allow 
the dollar to rail without the 
need to affaet the inflow of for- 
eign funds by inflationary in- 
creases in the domestic money 
supply. That was the theory. 


come. But apart fiem the ques- 
tionable wisdom of curing toe 
disease with medicine tost, 
may endanger the pattest, toe 
consequences far toe budget 
deficit itself are Hkeb la the 
ead to be negative. A recession 
will cause tax revenues to de- 


Stephen Marglin considers the 
challenges facing American 
economic policy makers 


Instead, deficit reduction is 
likely to operate on toe IS ex- 
ternal account through the „ 
mechanism of recession. 

A recession may alleviate 
the payments deficit - imports 
of consumption and invest- 
ment goods will fall along with 
domestic production and in- 1 * 


' cline and welfare expenditures 
to rise by mere than any feasi- 
ble tax Increases and spending 
cats which might be enacted, 
today. ‘ 

It Is possible to solve toe US 
balance of payment* problem 
without worsening toe risks of 
recession, bnt not without toe 


dMipuration of other major 
ecoaoniic players. If Black 
Monday was an expression of 
no confidence, the message Is a 

much deeper one than a com- 
mentary on a particular mix of 
policies. It is a recognition of 
the limits to policies "made in 
the USA*. 

The West German rele Is par- 
ticularly emciaL On an opti- 
mistic scenario, the Germans 
(and the Japaneso hare been 
j©2tel out of their complacency 
by the fan in the gSssk 
and win agree to expand their 
econom ie s. 

The effect of a Ge rman ex- 
pansion would be particularly 
dramatic since the other mem- 
bers of the European Commu- 
nity could easily be persuaded 
m fellow a German lead, and 
together the countries of the 
EC constitute an economic 
unit of toe same order of mag- 
nitude as the US economy. 
American experts would in- 


crease In direct proportion to 
European expansion. In this 
scenario, a redaction in the US 
budget deficit coaid take place 
without risk to toe American 
or the world economy. 

Bnt what if the Germans and 
Japanese decline to act respon- 
sibly? Washington most then 
consider bow to nudge them in 
the proper direction. Mr James 
Baker, toe Treasury Secretary, 
seems disposed to a 1980s ver- 
sion of dollar diplomacy - a 
threat to leave tbe dollar to the 
mercy of the market. 

It is unlikely to be In any- 
body’s Interest for the US to re- 
ly on the weapon of currency 

depreciation, whether man- 
aged or determined by market 
forces. Even a rapid deprecia- 
tion of the dollar is likely to 
adjust America's external ac- 
counts only with a consider- 
able Jag, to do so at consid- 
erable cost, both in terms of 
the standard of firing fa the US 


and in terms of output forgone 
abroad If currency apprecia- 
tion triggers recession. Nor 
are other countries without 
wpanB of retaliation. There is a 
distinct possibility that sub- 
stantial depreciation of the 
dollar might trigger trade war 
rather than bring about equi- 
librium. 

Currency depreciation may 
have merit as a threat; the dan- 
ger Is that the threat will be- 
come a substitute for coopera- 
tion, rather than a stimulus to 
multilateral action. We have 
already lost much time in ref- 
using to face the need for col- 
lective economic responsibili- 
ty. But this may be the 
moment Nothing concentrates 
the miod, said Samuel John- 
son, like the prospect of being 
Or, he might have ad- 
ded, the prospect of global re- 
cession. 

The author is prirfaMor of eco- 
nomics at Harvard University. 


INTERVIEW 





-- , 1 ' 'Vj.* ?**.'' "T*j •; ffyp'r ' 






revolution 

Norman Tebbit describes his 
vision of Tory populism 
to Peter Riddell 


THE TORIES hove become 'a 
sort or anti-establishment es- 
tablishment party* over the past 
decade, says Mr Norman Teb- 
bit. 

One measure of this, be ar- 
gues, Is the Government's refus- 
al to bow to City pressures to 
drop the BP share sale. He says 
it Is open to doubt whether pre- 
vious Conservative Govern- 
ments would have behaved In 
the same way. They might have 
"felt it their duly to ball people 
out in the City.* 

But now, "what many people 
thought was our favourite child 
knows that the rules of the mar- 
ket apply to it as welL* Accord- 
ing to Mr Tebbit, saying no to 
Rothschilds is part of the new 
attitude. "The Conservative Par- 
ty treats everybody much more 
equally, whether they are solic- 
itors seeking a continuation of 
their monopoly or merchant 
banka looking to be eased of 
their liabilities or Bloggs and 

^Mr Tebbit has always been 
the most articulate exponent of 
Tory populism and there is no 
sign of any weariness with poli- 
tics'aq he completes his transi- 
tion from high office - leaving 
the Cabinet in June and the 
Conservative Party chairman- 
ship a week ago • to become a 
backbencher and non-executive 
director. This voluntary change 
was made partly so he could 
spend more time with his wife, 
who was injured, like' him, in 
the Brighton bombing three 
years ago, and partly to broaden 
his career. 

Talking in his panelled office 
at Westminster overlooking the 
Thames, the private Mr 'Tebbit 
does not match his abrasive 
public Image. He is affable, 
thoughtful, even detached, 
though always with a barbed re- 
mark near the surface. 

He highlights social changes 
in the party as the key to its suc- 
cess since 1979. The image of 
the party he grew np with in 
north-east London in toe 1940s 
and 1950s was of the local 
Young Conservatives’ branch as 
the smart social set in town, "for 
people who were comfortably 
o££ 

"They did not want to know 
the factory workers and even 
the skilled self-employed men. 
The idea was that grammar 
schools were for people who be- 
came solicitors and went to uni-. 


■§ wmm 


■■0'% 


vena ties and that the Tories 
didn't really cane about the 
technical schools which were, 
or should have been, producing 
skilled craftsmen and artisans." 

Ail ibis has changed bow,) Many more people can now 
J 4 * JAbbrt t h i n k s , be*l identity with theTories, he axv 
cause of social changes such as ' me& He recalls a recent con- 
"the burgeoning of the Ufa ond venation with the patrician, 
C2s (the skilled and semir though strongly free- market,' 
skilled workers) as a growing Environment Secretary. Mr Ni- 
group not o illy _ iq numbers but , rf i p l f ; Ridley said he knew how 
also jn purchasi n g power. ' well the Tories were doing in 
He regards the 1970-74 Heath the election when a local dust- 
adpuniasratien as a false dawn, cart appeared with "Vote Rid- 
The social changes ought, he " “ 


ble tragedy of Ted, that he wag Nichpfas Ridley is quite ex- 
traordinary. 



• PERSONAL FILE 

1931: Bom March 39 
1947-49: Worked lor Financial 
Tlroea. 


"1 think that is q lot about 
style and a lot about toe fact 
toaf we have been Identifying 
the things that the chap fa toe 
pub and his wife always had a 
feeling were going wrong and 


going ... _ 

1963-70: Altar rational service, a trying to deal with them.* He 
chft efeflne pilot and union offh points to the lack of confidence 

daL _ fa nationalisation and govern - are becoming more deeply bed- live 'backbencher, acting lib 

Mgr ment control, to being bossed ded in. “Nobody will be able to pilot fish pushing ahead the 
by shop stewards, to reduce the level of home owner- titical debate. On toe he; 


1970: Ejected HP for Epping, 
Chihgfbrd. 

1979-1991: Trade Underse cr etary, 
‘ UkristarofSlato. 


around ' by shop stewards, to 
home ownership arubfrions and 
to 'sharp resentment at toe 
amount of money which disap- 
peared from their pay cheques.* 
The Tories, he says, nfade it 
1994; Brighton bombing, seriously plain that "We were not undply 
Mured. r - 


1931: fodustry 
1931-93: fawricyanent Secretary. ■ 
1963-85: Trade md Industry Soore- 


1985-1987: Chancellor at the 
Duchy of 

uww rvnycwnn 


ment at times, nor were 8 
workers.".' 

However, Mr Tebbit acknowl- 
edges that the message has not 
been accepted in many of the 
almost Mrs Thatcher,* That gov-| big cities. He believes that this 
emraent, when he was a new ! is because they have not yet re- 
backbencher, was *a bit ahead j ceived the benefits of Thatcher- 
of its time.' Perhaps we hadn't) ism. 'Bart 'of the answer lies in 
quite gat the resolve to cany top work of toe urban develop- 
things through. So when it got ment corporations and fa 
difficult there was a tendency to breaking the system of depeu- 
revert to the traditional British deucy Involved fa being a coun- 
practice of government.' No pfi tenant, working for 8 local 
wonder Mr Heath and Mr Teb- authority or living on benefits, 
bit do not exactly admire each But he also sees "a social con- 
other. serv&tism in the working-class 

Mr Tebbit sees a movement urban areas of the north which 
away from what he calls the old' have suffered badly since the 
deferential system- “It is one of 1980 recession - where they 
the reasons why we have done don’t yet see' the Conservative 
so badly in Scotland that toe party In the same way as in the 
party there is still perceived as Booth.* 

the Tory party was perceived in Looking ahead, Mr Tebbit ar- 
Engfand in the 1950s." Part of gues fast a* long as the Tories 
the change in England is that It make it plain that they are *ud- 
was seen that people from back- impressed by the work of some 
grounds like mine could be oftoe staff of tbe schools and by 
there in the leading group of the toe way the health service uses. 
Tory party and therefore if old . toe cash it gets, then we will 
Norman < * an do it why cpnt L j continue to home in on people**) 
We changed our accent* < natural feelings." I 


Mr Tebbit ih ink* it fa very 
hard to liwflg inft a Labour Gov- 
ernment at toe moment nnlass 
there fa some political and eco- 
nomic catastrophe. He sees di- 
visions within Labour between 
what he describes as the ideolo- 
gists and the officers eekers. “If 
ft is not a socialist parly, what fa 
it? A party that can just take the 
rough edges off what we’ve been 
doing, making privatised fadus- 
. tries work better. I think that’s a 
difficult appeal to make from a 
party with toe structure and na- 
ture of Labour* Sooner or later 
he believes a split is going to 
occur. 

However, Mr Tebbit does not 
think the changes since 1979 are 
qeeessarlly irreversible it for 
example, were was severe eco- 
nomic trouble, even though they 
j more deeply bed- 
ded in. "Nobody will be able to 
reduce the level of home owner- 
ship agafa and, as people get 
some choice fa education, it 
will be difficult to take that 
away from them.” 

BMatfy, he highlights the 

change* fa govemment/Industry 
relations. Tf a' manufacturing 
company gets fato financial 
trouble.1 don't think anyone ex- 
pects they will be bailed out 
They know that if they screw it 
> they're going to have solve it 
or someone 


up 


themselves or someone wifi 

have to solve it for them through 
toe rqaxfcet* 

Mr Tebbit will fa future be 
locking at these questions from 
a different angle. He has so far 
taken oh 'four non-executive di- 
rectorships - British Telecom, 


Blue Arrow, Sears and BET * 
and may accept two more, in- 
cluding one in "a real manufac- 
turing company* since he reck- 
ons that half a dozen is about 
the maximum he can handle. 

BT has attracted most inter- 
est not least because as Trade 
and Industry Secretary from 
1983 to 1985 Mr Tebbit was re- 
sponsible for the* privatisation 
of Br and settihg up Its regula- 
tory structure. Apart from the 
traditional duties of a non-exec- 
utive director "to remind the ex- 
ecutives who owns the compa- 
ny*. he thinks he can offer in 
broader insight given the job to 
be done both fa improving the 
ity of service and fa ensnr- 
that perceptions of It are 
it 

Mr Tebbtt intends to be an ac- 
tive backbencher, acting like a 
'■ ' ' P°- 

hp^lth 

service, he argues'that"the only 
essential Is that patients re- 
ceive treatment even if they 
cant pay for it.' He regards the 
type of organisation as second- 
ary. The argument “revolves 
around the extent to which peo- 
ple may choose to put more of 
their own money into buyihgex? 
tra, whether carpets on toe 
ward, or, as the Prime Minister 
put it, getting toe operation on 
the day they want it" He sees it 
as a supplement, not a substi- 
tute, lor the present NHS. 

Hr Tebbit wants to concen- 
trate welfare benefits more on 
those who need them, but sees 
this as a long-term question 
when unemployment is lower 


and the problems of poverty not 
as great as they are now. “It’s 
difficult to turn the whole thing 
over at the moment." 

As a pointer he stresses the 
changes fa trade union law 
since 1979 where "the Govern- 
ment was successful fa moving 
just behind pnbllc opinion. 
We’d conditioned and created 
public opinion and moved 
along." 

Similarly, "If we are to at- 
tempt any reforms fa such ex? 
plosive areas as the health ser^ 
rice or welfare, we’d have to 
start a debate going which got 
the public to look at them fa a 
different way - not to lose the 
baby of the welfare state, but 
get rid of some of the bath water 
-which is in danger of drowning 
the poor little thing." 

Joking about a long revolu- 
tion, lasting perhaps 20 years, 
even Mr Tebbit sees a limit to 
the extent 'of Changes. "When 
you’ve run through health and 
education and had another 
hard look at toe structure of 
welfare benefits, then it's diffi- 
cult to see where the revolution 
could go op from there.” 

If all went favourably, "the ap- 
petite for revolution ana, 
change would be satiated and 
then perhaps we could go back 
to being the party of saying ev- 
is going reasonably 
Bpt, he quickly adds: 
"Something else will be going 
wrong by then which will need 
reform." 


A lesson in 
scrutiny 



THE WITHDRAWAL of Judge 
Douglas Ginsburg from nomina- 
tion to the US Supreme Court, 
hard on the heels of the Sen- 
ate's rejection of Judge Robert 
Bork sharply focuses interest 
'■on 1 e appointment of the 
| high* judiciary in a democrat- 
ic soc tty. 

In a country where, constitu- 
tionally, courts are an arm of 
government, it is hot surprising 
that a system of executive 
choice of unelected judges 
should be politically unaccept- 
able. Hence a presidential nom- 
inee for appointment to the fi- 
nal court of appeal requires the 
Senate’s consent Scrutiny of a 
nominee's record and jurispru- 
dential beliefe is valuable in 
helping to articulate the crite- 
ria for a good judge. Candidates 
for high judicial office are thus 
exposed to cross-examination 
(by Senators, and sometimes dis- 
qualify themselves. 

Judge Boric’s intellectual ar- 
rogance in lecturing the Senate 
Judiciary Committee, coupled 
with his publicly proclaimed 
politico-legal conservativism, 
brought about his downfall. He 
became the 28th reject out of 
nearly 140 Supreme Court nomi- 
jiees placed before tbe Senate 
since 1789. Judge Ginsburg’s 
predictable withdrawal fol- 
lowed media revelations of 
youthfiil drug-taking indiscre- 
tions and dubious activities 
while working fa the anti-trust 
division of the Justice Depart- 
ment Without a direct rejection 
by the Senate, a double snub 
has been inflicted on President 
Reaga n . 

This open and critical proce- 
dure 'for making judicial ap- 
pointments is typical of the 
American desire to ensure pro- 
bity fa its Federal judges and to 
instil public confidence in the 
legal system. 

Whatever virtues this process 
possesses, it would find no ac- 
ceptance fa the UK, where the 
assumption is that judges are 
not politically motivated in 
their decisions. Parliameptary 
sovereignty is loyally acknowl- 
edged. If judges were to step 
.•outside tbeir Judicial province, 
parliament would always have 
" e last word, since there is no 
iwer fa toe courts to declare 
-legislation unconstitutional. 
Sensitive to their role as inter- 
preters of the law, UK judges 
play a more restricted part in 
government 

The US lesson relates to the 
procedure of nomination rather 
than to senatorial disapproval. 
President Reagan's overt at- 
tempt to shift the balance of the 
nine-judge Supreme Court to- 
wards his own brand of political 
and social conservativism has 
been thwarted twice, not so 
much because of Senate bostili- 

§ ' but because White House of- 
cials applied Insufficient rig- 
our in the choosing. Both of the 
nominees were vulnerable to 
rejection long before the Sen- 
ate began its mauling exercise. 

It is, in short, the process of 
selection that is crucial. There- 
in lies the rub. The American 
experience serves as a remind- 
er that the process of appoint- 
ment to the English Bench lacks 
openness. Is the selection pro- 
cess also suspect? 

Appointments to tfie High ' 
Court in England are few. The 
High Court bench numbers 


about 90 and the yearly average 
number of appointments is 
about six. There is, in addition, 
an establishment of 11 Law 
Lords and 19 Lords Justices of 
Appeal. The occasional vacan- 
cies in those appellate courts 
are normally filled by promo- 
tion from among existing High 
Court judges. The pool of bar- 
risters from whom superior 
court judges are drawn is a 
small proportion of the 400 
practising Queen's Counsels. 
Some are too old • the practice 
generally is not to appoint any-. 
body over 60. Others positively 
do not wish to forego their nor- 
mal lifestyle. 

The list of potential candi- 
dates is thus short The Lord 
Chancellor, who exclusively 
does the choosing, consults the 
senior judges and relies upon 
his staff to keep a watch on 
those under consideration. Or- 
dinarily a Lord Chancellor will 
have practised at the Bar and 
have personal knowledge of 
most if not all. of toe candi- 



JUSTINIAN 


dates. The new Lord Chancellor 
does hot possess that knowl- 
edge, since he has not practised 
in the English courts (save for 
one or two appearances in the 
House of Lords when he was 
Lord Advocate) and has seen 
only a handfal of practitioners 
fa his two years as a Law Lord. 

Will that matter? Does it 
mean this is a good moment to 
alter the selection system by es- 
tablishing an advisory commit- 
tee to assist the Lord Chancel- 
lor? 

The last Vice-Chancellor, Sir 
Robert Megarry, once wrote: 
The system of appointment to 
judicial office fa E n g l a n d is 
about as English as it could be: 
theoretically it is open to great 
abuse, but in practice it works 
extremely well* Lord Gardiner, 
as a reforming Labour Lord 
Chancellor fa the late 1960s, ob- 
served: "It is of considerable im- 
portance that a method of ap- 
pointment which has proved so 
satisfactory should not be al- 
tered.* 

Theirs is not a universal view. 
Voices have been raised against 
the system, not because there 
has been any ostensible abuse 
but because it is unfair on those 
not chosen. Any process of se- 
lection which is not subject to 
public scrutiny must at least be, 
and be seen to be, both pains- 
taking and fair. 

Proposals for establishing a 
committee to advise the Lord 
Chancellor are not new. The 
Haldane Committee on the ma- 
chinery of government in 1918 
proposed that the Lord Chan- 
cellor should be required to 
consult a committee before 
making a Judicial appointment 


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18 


ARTS 


Financial Times Monday November 9 1 987 


Architecture/Colin Amery 

Gothic: a Puritan view 






From time to time there are ex- 
hibitions that are cultural land- 
marks: they illuminate a whole 
area of our national artistic past 
that before we had taken for 
granted That was the case when 
the Arts Council arranged the 
English Romanesque Art at the 
Hayward Gallery m 1984; it is 
equally true of the newly opened 
exhibition at the Royal Acade- 
my: Age of Chivalry: Art in 
Plantagenenl England 1200 
-1400. Unquestionably one of 
the great winter exhibitions, it 
will run until March 6: and on 
the strength of two visits, I can 
only recommend as many as pos- 
sible. My colleague David Piper 
will also be reviewing it tomor- 
row, but it is impossible not to 
consider it both in terms of En- 
glish Gothic architecture and as 
an illuminating example of con- 
temporary exhibition design. 

Any traveller in England is 
constantly confronted by the ar- 
chitecture of the Middle Ages - 
cathedrals and castles, churches 
and manor houses, and the occa- 
sional great tithe barn as well as 
the general configuration of 
many villages. Of course much 
has disappeared, particularly re- 
s or humble 


mains oi numbler dwellings, but 
our picture of Plantagenent En- 
gland can still be a well rounded 
one. 

What a display like this one- 
can do is to demonstrate dearly 
the development of the Gothic 
style in England. From its begin- 
nings, in the reign of Henry III 
(1216 -1272} under the influence 
of France, through the growth of 
Early English, Decorated and 
~ ndicular Gothic. E.EL Dec, 
Peru., this RA exhibition 
clearly Illustrates the develop- 
ment of the style, and its chang- 
ing characteristics, by showing 


an 


art works of various media chro- 
nologically, together with photo- 
graphs of some of their settings. 

For the layman, there are 
many revelations. Probably for 
the first time you will have ob- 
jects and fragments of architec- 
ture at eye level, in well-lit condi- 
tions, to be studied at close 
quarters. To be able to rub your 
nose against crudely leaded 
stained to study the marks 
of masons or the sketch on the 
bad: of a manuscript is to be. 
more deeply immersed in the 
Gothic creative experience than 
you would find possible in the 
routine examination of a parish 
church. 

"Medieval artists and their 
techniques" is the section of the 
exhibition that will particularly 
intrigue anyone interested in the 
mechanics of creation, especially 
in an age when so many artists 
and craftsmen remain anony- 
mous. 

It is worth assessing the atmo- 
sphere evoked by the setting of 
the exhibition. The designers are 
partners Alan Stanton and Paul 
Williams. Paul Williams is the 
designer who created the bril- - 
limit setting in the intransigent 
Hayward for the Romanesque 
exhibtion; architect Alan Stan-i 
ton has recently joined him. 

Do not expect the Royal Acad- 
emy to look like Pugin’s Medi- 
eval Court at the Great Exhibi- 
tion of 1851, glowing with 
surface decoration and colour. 
These designers have a post-Rel- 
orrnation view of the Gothic 
style - the Puritan's view. Do not 
expect, as you well might from 
the exhibitions's title "Age of 
Chivalry," halls hung with ban- 
ners, rampant heraldry or 
plumed helms. Instead you will 
see the classical rooms of Bur- 


in House given a simple 
c treatment - but it is a 
minimal one. Not until 
reach the largest gallery, Gi 
fli, do you see a Gothic vault 
a room arranged with aisles as 
though it was itself a Gothic 
space. 

This is a magnificently de- 
signed exhibition room - evoca- 
tive of the period without pas- 
tiche - and arranged for the best 


Ig? 

‘r-:- - 

gajrsp;- 



■j - •- 



fi 


designers have been so cautious 

not to imitate the Gothic beyond 
the pointed arch that their agree- 
ment to the Indication of actual 
ointa between the implied 
"neks of stone must have been a 
a moment of pure daring. 

There are some extremely 
beautiful effects in the exhibi- 
tion: one is the long central vista 
seen looking back from Room IX; 
the other is the triumphant dis- 
play of stained class in the cen- 
tral octagon, which now has the 
feel of the noblest chapter house 
in En gland 

There is a low level of 
light throughout the 
which sometimes malms it im- 
possible to read captions, but 
otherwise allows the spotlit glow 
to reflect from the precious ob- 
jects. 

It Is hard to conceive the tech- 
nical problems involved in bring- 
ing to London the stained glass- 
window from Canterbury Cathe- 
dral, or the Miratp negotiations 
with cler gy and parish councils 
that resulted in the removal of 
misericords, the loan of sculp- 
tures - to say nothing of the 
movement of rare wood carvings 
from Norway and Normandy. 
The Mosvik SUflchad with its 
surviving polychromy, and the 








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d 

- <• * 
' • 'V . t 

' . \\ r • . > 

- V—i' r 


... . • .■ 

, 




A misericord, cl37!hthree mpw mowing, at the RA Exhibition 


stone virgin and archangel bum 
Westminster Abbey, are among 
the most beautiful objects in the 
exhibition. 

Conservation and the correct 
environmental conditions for the 
works on show are a malar put 
of any designer’s brief alongside 
lighting ana the graphic design 
of an exhibition. These aspects 
are. well handled at the RJL- you 
sense throughout that all along 
the objects have come first .- 

There is one particularly fasci- 
nating room for anyone interest- 
ed in Gothic architecture - the 
one devoted to the appreciation 
of the subject through the. ages.. 
Victorian visions, like the Wil- 
liam Burges reconstruction of 
the shrine of Edward the Confes- 
sor in Westminster Abbey, show 
how our 20th century views of' 
the Gothic are coloured by the 
-19th century visions of the glo- 
ries of the style. There is a 
chance to compare the 18th cen-_ 


of the tomb of 
Robert Durthose, Duke of Nor- 
mandy with the original wooden 
eflgy on display at the exhibtion. 

Turner's view of the octagon 
of Elv Cathed ral not onlv con- 
veys the brilliant light achieved 
by the design, but also invests 
the Gothic with a sense of the 
sublime, which is purely 18th 
century. There is Rickman’s 
book, which he modestly entitled 
An Attempt to Discriminate the 
Styles Of Architecture, with his 
eariy definitions of varieties 
of Ea igBsh Gothic: his definitions 
have survived the test of time 
and they inform this very exhib- 
tion. 

The audio visual display is a 
good 20 minutes basic explana- 
tion of the growth of the style. 

The c ommen tary is a ifttio «m . 
pie, but it makes the point that 
we seem to have forgotten the . . . 
Gothic heri ta g e that e u n o m ds - other donon* 


us. What shine forth from this 
realm and beautiful exhibition 
are two tilings: one is the out- 
standing aesthetic quality of En- 
glish Gothic art; the other is the 
strange and complex develop- 
ment of tiie geometry of English 
Gothic architecture, which grew 
from structural purity to the lat- 
er explosions of decorat i ve inten- 
sity. 

Of course there is a third thing 
that can never be forgotten: the 
appalling destruction of both the! 
Reformation and the Puritans 
The consequences of those van- 
dalistic episodes still make the 
English cautious about Gothic 
richness - and there is more than 
a hint of that caution in the 
careful celebration of the style 
that up this exhibition 

which is generously sponsored 
by Lloyds Bank and the J-Panl 
Getty. Jh Charitable Trust, with 


Two Iphigenias in Frankfurt 


MaxLoppert 


The opera season 
at tiie Frankfurt Opera House is 
also the start of a new era there. 
Michael Glelen, who in his peri- 
od as general music director 
guided the Frankfurt company 
toward its current reputation as 
the most radical in Europe, has 
departed; and Gary Bertini, most 
rii«Hngnfc'h«»ri of the current crop 
of leafing Israeli conductors, has 
taken his {dace. 

BertinTs first weds, and his 
first three occupations of the 
Frankfurt pit, were planned to 
show the breadth of iris sympa- 
thies: Gfodc's Iphagenie en Au- 
tide and Jphigeme en Tauride, 
both on a single evening, as the 
grand spectacle du commence- 
ment, Cost fan 


The Winter’s Tale/Sheffield Crucible 


Michael Coveney 


The roof Inside the Sheffield 
Crucible is studded with tiny 
lights, providing a ready-made 
constellated vault of heaven. In 
ambitious response, designer 
Tom Cairns creates a cosmic Si- 
cilia and suspends a planetary 
sphere above Leontes' white ana 
Arctic court A white rock ob- 
trudes from a sunken circular 
pit, and the white cylindrical 
back wall rotates slowly 
throughout the first three acts 
until a sea-tossed skyscape is ful- 
ly revealed and confirms our ar- 
rival on the Bohemian shore. 


The early scenes are enlivened 
by Jim Broadbenfs comic rages 
of jealousy as LeontesJiis mon- 
arch is a regal thug in collarless 
white shirt and black suit, driv- 
ing Helen Cooper's too softly- 
spoken Hermione to sad distrac- 
tion, a state she registers by 
clutching her tumescent belly 
like a bag of potatoes. 


A red-skinned trio of silent fu- 
ries attends on Mr Broad bent's 
transition 
liverish, 
emotional 
Theatre of Bath must be in town, 
first sign of Paulina’s enthusias- 
tic patronage of "the rare Italian 
master, Giulio Romano," whose 
human sculptures, a papier 


New Ray 
Cooney . 
comedy 

A new Ray Cooney comedy. It 
Runs in the Family, will nave 
its world premiere at the Yvonne 
Amaud Theatre, Guildford, on 
November 24. Starring Mr. Coo- 
ney himself, other members of 
the cast include John Quayle, 
Una Stubbs^uid Bill Fertwee. 


mache job lot from the last per- 
formance art festival, dominate 
the fifth act. 

First sign, too, of good ideas 
overtaking good sense. Much of' 
the treatment of the play’s lan- 


guage is 
pert. Even 


pert. Even worse, you simply can- 
not hear it half the time. The 
director, Steven Pimlott, after 
creating an air of fashionable 
minimalism with grey suits, iso- 
lated bits of furniture and stark 
whiteness, goes chaotically 
barmy in Bohemia. 

It saddens me to say this, far I 
strongly approve of all attempts 
to synthesize new manners of 
expression 'in dance, music, de- 
sign. Messrs Pimlott and Cairns 
are key figures in a healthily ac- 
tive movement, and it is admira- 
ble of the Crucible to encourage 
them. But The Winter’s Tale is a 
complex play whose themes re- 
quire a much higher standard of 
articulation. In this respect, the 
show Is a chastening reminder of 


how wide can yawn the gap be- 
tween tiie BSC and the rest of 
the nation. 

The rustic regeneration Is an 
over-elaborate pagan folk ritual, 
with pop-up flowers, a grassy 
hillock, stuffed birds and a dis- 
tant cornfield in which resides 
the choric figure of Time as 
winged Mercury (Martin Duncan) 
seated at a wheezy harmoni- 
um. Ian Spink’s choreography of 
the sheep shearing ana dance of 
daemonic herdsmen is unbeliev- 
ably sloppy. There Is no joy here, 
merely the wors t sort of unre- 
so noting visual botch potch that 
characterises some areas of con- 
temporary opera production. 

Florizel and Perdita(John Jay 
and Rachel Joyce) are a charm- 
less couple at the best of times, 
their love and loyalty to each 
other needs far more persuasion 
in the acting. Leonard Maguire’s 
Old Shepherd is roguish but in- 
coamraaonalble and I feared for 
his life when he was thrown 


across the stage. At least John 
Raima's Autotycus, a wryly op- 
portunistic provincial who takes 
easily to Florisel’s beige designer 
casuals, keeps his, and our, eyes 
an the play. 

On returning to Sicilia, we find 
the rock vanished - claimed, per- 
haps, by the polar bears in a 
local no - ana Le o ntes' "airless 
kingdom” given over to a mod- 
em art gallery with sunken pun- 
ishment well and a deeply de- 
&cending(and deeply dangerous) 
staircase atop whsen a jaundiced 
Miss Cooper in a conciliatory 
marbloid pose is the stillest hu- 
man statue imaginable. - 

A string quartet provides an 
atmosphere of tears and throb- 
bing ecstasy, elsewhere in short 


supply, ana infuriatingly biota 
out the one reliably audible 
verse-speaker, Rosalind Knight. 
Her constructively ferocious Pau- 
lina. is in a class of its own, and I 
suggest she enrols more mem- 
bers immediately. 



Stephen Mann 


Guardian Angels/Coventry 


Michael Coveney 


Julian Gamer’s new play at the 
Belgrade, Coventry, is about his 
grandparents, a memorial to 
their meeting and 
Chiselhurst during the last 
It starts, though, with old 
Frank's ghost sumrising tiie wid- 
owed May in 1966, reminding 
her of how his teeth fell out in 
the dodgems it Ramsgate. - 

There is not much urgency or 
fluency to these opening 
scenes .On an EkigUah vegetable 
patch in 1939, Hay’s teenage 
brother Jack is reported to have 
exposed Mwmif and skyved off 
schooL Jack b retarded and likes 
playing with dolls’ underclothes. 

In another sort of flash, we 
backtrack to an Irish Catholic or- 
phanage where Flank's st u tter 
earns him a belting from two 
sadistic monks.He cannot pro- 
nounce his own name without 
seeming to preface it with ah 
incongruous "Sir.” This drives 
the monks mad but had me in 
fits. Frank runs off, bat it is still 
not clear how he comes to be 
looking for lodgings in the En- 
glish Home Counties. 

The play idles along until 
Frank is seen being unsociable in 
a London hurling dub . Behind 
" e net, which comes between us 
and the balls being batted 
around the stage in more senses 
than one, Frank refuses a 
three-line whip to a Sinn Fein 
rally in the neighbourhood, in 
Act Two we hear of the 1939 IRA 
bomb outrage in Coventry, 
which killed five people, ana 
Frank has been beaten up for 
being an Irishman Next we see 
him on the run in Ireland In 
1921, blood on his hands. A 
monk is tortured and beaten 
two Black and Tans and 
to address his persecutors as 
"Sir” 

You get the picture. It is all 
very well, and most of it proba- 
bly true, but the methods of dra- 
matic communication are less 
adventurous than tedious. The 
animation of family memories b 
an admirable instinct to enooor- 


but you know the feeling 
ivtted to flick through 


im 


somebody else’s pt 
bum. You suddenly rememl 


al- 

it's 

time for tea or time to 

Frank is eagerly played by 
Frank Brennan but, apart from 
his recantation he is a dull fig- 
ure. He has fallen for May who, 
in an irrelevant woodland ro- 
mantic scene with a German 
Jew, has become pregnant. 
Frank wants May tiie minute he 
sees her in a Chiselhurst pub. His 
. mother has urged him on 
the road to England - he has to 
, wait until May has learned of the 
' Jew’s death in a seance. 

May is touchingly played by 
Rosie Rowell after the stylo of 
Charlton Heston as Thomas Mare 

with two bad wigs. .One -looks 
like.a dead xaccpn and, has to be 
' held <xi at moments of high ex- 
citement. Once or twice,' in other 
words. May then gets sore nip- 
ples and and Jack is found dead 
In a pond. They have to call back 
the ambulance that has just 
dropped off Frank. 

Hus is all too much of Cold 
Comfort Farm gone berserk to 
withstand our incredulity, not in 
the events so much as in their 
t elling Ro bert Hamlin’s produc- 
tion seems- impervious to the 
coarser structural devices and 
disco n certs the audience with 
sudden outbursts of foul lan- 
guage followed by soothing Irish 
Jigs in the landscape. Adrian 
Rees’s ungainly settings, trucked 
monastery and sitting rooms less 
attractive than the vegetable 
patch, reinforce the sense of 
awkw a rdnes s . Tina Gray has her 
momenta of earthiness cm this 
plot as the great- grandmother, 
and Barry Birch looks an attrac- 
tive young actor when not acting 
too much. 

It may be that Frank’s story 
should have been told in a differ- 
ent, more concentrated xoan- 
ner.There is too much too 
sketchily going on around his 
tale, and the effect is not one of 
density but of evaporation. 


Arts guide 


November 6-12 


Music 


LONDON 


BBC Philharmonic Orchestra con- 
ducted by Luciano Berta with Sa- 
bine Meyer, clarinet, and Katia and 
Marie lie Labegue. pianos. Haydn. 
Brahms and Berio. Barbican Hall 
(MonX (6388881) 

Melos Quartet Beethoven, Wlgmore 
Hall (Mon). (935 2141). 

City of Loudon Slnfonla conducted 
by Richad Htckox with Fob Ts'ong. 
piano. Handel and Mozart Barbican. 
Hall (Wed). 

Melos Quartet, Beethoven, Wlgmore 
Hall (Wed). 


ducted 


Symphony 

by 


Abbado with Al- 


exis Welssenbeig. piano. Ravel and 
Prokofiev. Barbican Hall (Thor). 

PAMS 

Paata Burckaladae recital. IJumQa 
Ivanova, piano: Rachmaninov. Mus- 
sorgsky ( Mon} Theatre de l Athe- 
nee (47426727). 

Colonne Choir and Orchestra con- 
ducted by Michel Corboz Motdels- 
sohn's Elijah (Mon). Trinity Church 
(42334444). 

Ensemble Orc he str a l de Puis with 
Anne QuefFelec Kano: RaveL Rous- 
sel Chausson (Tue). Salle Gavean 
(45632030). 

Elisabeth Brasseur Choir performs 
Brahms* German Requiem with Or- 
chestra Francais d Oratorio con- 
ducted by Jean Pierre Lore (Tne 


830 PM. Wed 6.30PM). Saint Rocfa 
Chun*! 426193261 

Elisabeth* Cbojuacka, Harpsichord: 
Bach, Horowitz, Li* " 


geU. Xenakis 
.Theatre de la 


(Tue, Thur 630 PM). 

Ville (42742277), 

Orch e s tr a de Paris conducted by 
Daniel Barenboim, Itzhak Perlman, 
violin: Mendelssohn, Scriabin (Wed, 
Thor). Salle PleyeIf456307B6). 

Orchestra National de France con- 
ducted by Neville Marrinex: Cheru- 
bini, Mozart, Haydn (Thnrt, The- 
atre des Champs Hyaees (47203637) 

USSR State Symphony Orchestra 
conducted by Yevgenni Svetianov, 
Loubov Timofeyeva, piano: Rach- 
maninov, Glazunov, Tchaikovsky 
(Mon). TMP Chstfitet (42334444), 


Henze (Thur). Amsterdam, Cancert- 
gebouw. (71 §3 46) 

NETHERLANDS 

Orchestra conduct- 


New York PhUharmonie. Erich 


ed by Gent Albrecht, with Beatrice 
. Baidas, soprano: Hindemith, Berg, 


I %. 





Sandeman Founders Reserve Port 
No Longer Reserved To The English. 


The Colorado Quartet perf or ms 
Haydn, Laderman, Dvorak (Tue). 
The Touring Ensemble under Chris- 
tian Bon Mozart. Shostakovich, 
Dvorak (Thur). Utrecht, Vredea- 
burg. Recital Hall (31 4644) 
Netherlands Chamber Orchestra con- 
ducted by Gustav Leanhardt Neth- 
erlands Chamber Choir, with Bob 
van Asperen, harpsichord; Swee- 
linck, Huygens and their contempo- 
raries (Thur) Rotterdam, Doelen. 
Redtal Hall (4133490) 


NEW YORK 

Loudon FbUhanaouic, Klaus Ten- 
nstedt conducting. Mozart, Mahler 
(TueVyiadimir Fwtaman piano re- 
cital First public appearance in the 

US since leaving the Soviet Union. 
Carnegie HalL(247 7800) 


Monroe cello, Britten, Walton. De- 
bussy (Tue) Kent Nagano c onduct- 
ing. Bella Davidovich piano. George 
Benjamin, Chopin, Bartok (Thur) 
Uncdn Center (Avery Fisher Hall) 
(874 2424) 

Wareriy Consort (Alice TuHy) Lol- 
ly. Lambert, Delalande, Couperin 
(Thur) Lincoln Center (362 1911) 

WASHINGTON 


- .(Concert Hall) 
de Burgos con- 


National _ 

Rafael Pruh 

ducting, Jank _ 

no with Choral Ana Society "dT 
Washington directed by Norman 
Scribner. All Brahms programme 


-v Chorus. Barber, Hanson, 
uxnao (Thur) (485 8211) 

TOKYO 

New Japan Philharmonic Orches- 
tra co n du cte d by Sd£ Ozawa. Ver- 
di, RaveL Tokyo Bunka Kalkaa 
(Mon) (499 681) 

Orchestra de to Suis s e Bosasde, 

conducted by Annin Jordan, with 
Martha Argerich, piano. AH Ravel 
nrue. HhoiiU Memorial Hail, 
omen’s College, Sangen- 
10733688).^^ 

1010) 
jhony Or- 


CWCA60 

Chicago Symphony (Orchestra HaH) 
Leonard Slatldn conducting, Wil- 
liam Powos baritone with 



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merit ; Cost fan tutte, produced 
fay Graham Vick; and next week 
the world premiere of John 
Cage's Buroperas 1 + 2. My plan 
this weekend to catch both the 
Mozart opening and the Gluck 
third performance faltered on 
the illness of the Fiordiligi, Mar- 
ram Marshall, who caused the 
Cos* to be postponed. 

. . Bat the Gluck went a he ad un- 
troubled by anything other than 
the boos of those patrons disap- 
pointed by tiie unradical nature 
of Michael Cacoyannia’s produc- 
tions - taste in Frankfurt has evi- 
dently been successfully re- 
shaped by the bold nature of 
Gieten's experiments, and it re- 
mains to see whether Bertini and 
Ids producers can provide either 
a si milar or else a strong alterna- 
tive source of stimulation: 

Next week falls the exact day 
of the Gluck bicentenary, ft was 
gratifying, when all the leading 
British opera companies and fes- 
tivals have been so shamefully 
neglectful of the anniversary, 
that an Important new European 
music director should mate such 
a significant feature of its cele- 
bration. I found the evening im- 
pressive, not entirely satisfying. 
The main reason was the yak- 
ing-together of the two works; at 
least It was not achieved by 
means of huge Procrustean trun- 
cations, in the manner of David 
Freeman’s South Bonk 
•ioa last August - in 
the cuts, mainly in AtiUde. were, 
a irritation rather than a 

)|fl r imTig Hgrrr iy. ' 

But it was still an unnatural, 
and narratively illogical, connex- 
ion of two separate , entirety dis- 
tinct wotks. (It would make only 
a little leas sense to play Parsifal 
arid Lohengrin on the same day 
because the former is the letters 
father.) ! don't feel anything is 
gained for the Gluck cause, ex- 
cept of course the reward of 
hearing two of his greatest 
operas, txith of them far too sel- 
dom done. It was also a reward- 
ing notion to play the works in 
German t ranslation - in the era 
of pernicious international suiv 
title-itia, it was good to be re- 
minded just how-much mare the- 
atrically involving the use of the" 
ftridieheeVowh language can be. 
Altogether; h o wever, less - Le. 
just one Iphigeme opera - might 
well have meant more. 

Cacoyannis, renowned Greek 
film di r ector of Euripides films 
(and, of course, of Zorba the 
Orem ) is a skilful manipulator 
of operatic spectacle. He and de- 


signer Dionlsis Fotoponlos have 
created a long rectangular single 
set, with framing pillar s, move- 
able ceiling, and side arches, 
which served both works as a 
handsome enclosing space - sea- 
shore meeting-place In the first, 
mountain temple in the second. 
The chosen style, reflected in the 
gold, red, gunmetal, or black 
robes, was not a reflection of 
18th century neo-dassidsm bat 
a glossy, aiid at root rather ba- 
na( modem resume of ancient 
Greek ritual, with much discreet 
procession, business with gew- 

S jws, emotional flapping of 
eeves. . 

This worked more effectively 
in the grander, more dramatical- 
. ly various Aulide opera than in 
the sublime "interior* drama of 
Tauride, but in both operas the 
esse nt ial quality of intense di- 
rectness came from the best of 
the singers, and therefore fn this 
case fleetingly, rather than from 
any directorial perceptiveness. 
One could Imagine any Greek-lo- 
cated opera played just as we& or 
suitably in this all-purpose set 
and manner - It offers no single, 
singularly imaginative focus on 
Gluck. 

Bertini conducted warmly, sen- 
sitively, with love for the m usic 
and consideration for his singera. 
But, in common with the produc- 
er, . he . favoured contours, 
phrase-shapes, orchestral blends, 
and tempo choices which owed 
little to any convinced re- stylisti- 
cally idiomatic reappraisal of 
neo-classical style - there was a 
want of hard attack, vigorous 
forward movement (allegro al- 
most always made m 
seizing on those sut 

e strokes of colour in wi 

operas • abound. Storms, 
both , of the soul and, in the sec- 
ond opera, of nature, tended to 
be smoothed down. It was not 
dull conducting (though neither 
orchestral nor choral work was 
- flawless), but it lacked the dra- 
matic urgency to keep the flame 
of music -dram a burning 

throughout the long evening 
(with one long interval only, 
placed between the two operas) 
The cast had only a single Ger- 
m an, the bright-voiced, some- 
what anonymous Gabriele Maria 
Ronge as the Tauride heroine, 
among its list of principals. AH 
were accomphshedm stringently 
difficult music and in dear deliv- 
ery of. the words. First-rate 
Gluck performers, always hard 
to find at the best of times, were 
rather fewer in number; only the 
Orestes of Francois Le Roux, 
singing in excellent German 
rather than his native French, 
and tiie Pylades of Keith Lewis 
'(whose three arias, especially 
3 Ah, nton ami", were the high 
paints of tiie evening) were vo- 
cally of the desirea standard. 
Clarry. Rwrths, a beautiful and 
very musical Swedish soprano, 
made a deeply touching figure of 
the- Aulide Iphigenia, out -failed 
at -times to carry her line dearly. 
John Broecheler (Agamemnon), 
Marjana Lipovsek (Clytemxies- 
tra), Curtis Rayam (Achilles), 
and Tom Fox (Toas) all tended 
to subsitute power for intensity 
of e x pressi o n. A noble, worthy 
endeavour, all in all, but not re- 
alty a successful one. 


The Rover/Mermaid 

Cldre Armltstead 


The transfer df The Rover from 
the Swan to the Mermaid brings 
to London a play as interesting 
in its weaknesses as in its 
stzraigths. Director John Barton 
has grafted an to Aphra Behn's 
work lines from its source, 
Thomas KOfigrew’s Thomaso or 
The Wanderer \ creating a hybrid 
that flowers fitfully in revivaL 
Without having seen the produc- 
tion in Stratford, I should Imag- 
ine the exuberant 
rough-and-tumble of the carnival 

scenes had an impetus there that 

is dispersed in tee flatter Mer- 
maid, leaving a niece that is for- 
mulaic in much of its writing 
and unresolved in much of Its 
characterisation. 

First produced in 1677 The Ro- 

ver is set in Spain during the 
Interregnum, where a group of 
exiled cavaliers spread them- 

selves among the local populace; 
not reckoning mi the wiles of the 
three sisters, Florinda, Valeria 

and H e lie na , who throw corsets 

to the winds to join their men- 
folk in the revelry. Barton has 
controversially chosen to trans- 

port it to a Spanish colony, with 
mulattoo whores and local 
worthies flashy in Mack velvet 
buckled with Toledo swords - in 


contrast with Hugh Quarshle’ 
dignified English colonel, whoe 
suit for the fair Florinda (Gera] 
dine Fitzgerald) has been spurn 
ed by her father and brother. 

The plot bowls along a some 
what predictable course, with it 
quote of twists and trysts (tin 
latter, in a garden by night, end 
ing in the first of two narrow!] 
aborted rapes) of disguises, de 
ceptioim and duels. Davie 
Trough ton deliciously recreate: 
the role of the country buffoon 
Blunt, who is cozened and dunk 

ed In a Sewer in a tradition oi 

gulling and attempted revenge 
that is pure Jonson. 

The central problem of the 
play, lies in the triangle of the 
deceitful rover, WUlmore (Jere- 
my Irons) the plucky HeDenc 
(Imogen Stubbs) and tee famous 
courtesan, Angelica Bianca, who 
loses her "virgin heart” to him. It 
is problematic because, despite 
attempts to claim the play as 
proto-feminist, the two women 
are inevitably the losers. Wffl- 
more, an entirely irredeemable 
c h aracte r , ends up with a maid- 
enhead and a fortune. He might 
submit to marriage in return, But 
there is no sense df moral resolu- 
tion. 


Saleroom/Antpny Thomcroft 

Busy week coming up 


Tessa Taylor 
exz 3351 

Elizabeth Rowan 
ext 3456 


Deirdre Venables 
ext 4177 
Paul Maravigha 
ext 4676’ 


[This is the busiest week in tee 
Autumn season for the leading 
'aucti o n houses, with major sales 
in London, Geneva and New 
York, especially in New York. 

All eyes will be fixed on Sothe- 
by’s in New York on Wednesday 
evening when It offers Van 

Gogh's Trisea, ’ artistically a bet- 
ter picture than the celebrated 
“Sunflowers^ which sold for a 
record £24.7&m last March, but 
not so famous. Sotheby's hopes 
to draw out bids of over $2Dm 
from tiie canvas, but there is a 
chance that its quality will en- 
able it to go for much more. The 
fall in the dollar should encour- 
age Japanese buyers: but wffl the 
stock exchange crash deter some 
(potential bidders, like tee Aus- 
alian. Mr Alan Bond. 

. Tho big new international auc- 
tion house, Habsburg, Feldman 
starts with a bang this week 
with a series of major sales in 

GenevaJHost attention will cen- 

tre oh two giant Moghul coins 
{being auctioned privately to- 
One, weighing 2&bs and 

*«. indies in diameter, could 

for SlOxa, which would m a k e 


it the most costly coin ever sold 
at auction, as well as the lurfri jt 
It was minted in the early I7tti 
century in Agra as a reward for a 

distlTigiriaTiaff affiriat 

Habsburg, Feldman Is conccst 
trating on works of art and fa 
offering jewels, watches ant 
docks, silver and, most intzjgn 
“Nanking" porce 
Jain, 8.000 items In all, which 
has apparently surfaced from 
under the Santa China a**. 

Bade in London on Wednesday 
Sotheby's is holding Us first auc- 
tion concentrating on post Vn 
and contemporary British art 
The feeling is that artists Eke 
Graham Sutherland are due for s 
greater appreciation, both artisti- 
cally and m value. Sutherland’s 
“Christ carrying the Cross* car 
ries a 560,000 top e stima t e. On 
Friday Christie’s offers modern 
British pictures, with a in 
excess of £100,000 expected for 
North Sea,* a 1928 te mp era on 
panel, which was the cover sub- 
ject of the Royal Academy’s 
"British Art in the 20th Century" 
ex h ibi ti o n earlier this year. 










* 




Financial Times Monday November 9 1987 


Investment 


19 


< 


i *• 


Some coins more equal 
than others 

LONDON,. ZS. October. The multi- 
tude of corns available today places 
many a novice in a quandary. They are 
offered in all sizes and designs, and at all 
price levels through ads in the dailys or at 
banks or coin dealers. 

Caveat emptor. Not all that glitters is 
a coin. Basically, there arc five different 
types. 

L BnDlan Invesfnent Coins. Gold bul- 
lion investment coins are sold solely for 
the intrinsic value of the precious metaL 
They are produced in large numbers by 
major gold producing countri.es, such as 
Canada, Australia and UiL, thus axe 
traded at a small premium over the ac- 
tual price of the metaL As they are a pure 
investment vehicle, like gold bars, they 
have no numismatic value. They are 
favored over gold bars by investors as a 
store value, as they are more transport- 
able and easier to trade. The value is 
easy to keep track o£ as their price is 
based upon the daily fixing of gold. 

2. Nwnifomatfc Coins. In general, these 
are coins which are bought by collectors 
for their beauty, as opposed to the value 
of their precious metal content How- 
ever, a truer definition would include 
those coins struck prior to 1804. The 
price has no relation whatsoever to the 
actual value of the metaL The factors de- 
termining the price of a coin^^iiri ty, 
age, and condition or 
striking. 




NEWYOI 
blears in. the) 

United States] 
ing the 
health of the 
question if 1 
or are more 
closing, resulting 
all their customei^& 
point to similarities to 

to the crash of ’29, just 
have arguments to point o 
different This adds to the 

'uncertainty 
around for a safe h 
-before it is lost to 
failure. 

All paper 
or securities, are 
tions caused' by i 
control of 
government bodies^ 
out that precipus ,£ 
gold, offer the ideal stored 
value is intrinsic and not a 
that of paper money. 

Gold is international 
to the fortunes of any 
hanking system. It can 
sense of security, as jtj 
surance policy' 
would comein a 




Gob 


us$ 


4001 - 


360 


300 


250 


200 


USDollar/D-MarkV 


■Moras* monthly pilot 

I t I I I 1,1-1 -i-L 


3. Seml-mnnismatic Cotas. These are 
coins that were struck after 1804, how- 
ever. prior to 1830. The same criteria as 
those used with numismatic coins are 
used in determining their value. The 
buying and selling of one of these coins 
is, however, easier since they are avail- 
able in greater quantities than those 
struck prior to 1804. 

4. Cnrent Coins. Current coins are those 
struck after 1850 and were in circulation 
during the time of the gold standard. 
There are still large quantities of these 
coins available today. The price is relat- 
ed to their gold content plusafaicly high 
agio. 

The collecting of numismatic and 
semi-numismatic coins can also be con- 
sidered a form of investing, however 
usually it is merely a rather expensive 
hobby. Current coins fall into a category 
between hobby an4g|westment, since 
they also mamtaing^^y^ueT even if 
the price of precit^^^^j^^ould fall. 


5. Medaffions., 
lectables, buf 
an ins 
at some 
anrtivc 
value i 
andl 
allyji 
ai 






Gold! 
terms Bar 


1111 I'.LI. 


■I -I -1.1 


“ 1 3.00 


ISO 


•jSM 


1.50 


1985 


1886 


1887. 


Ssuroa: HuxtetaUtt. 


Cavelti “Time-proven investment” 


Since the price of gold was freed in 
1970 to move with market forces, it has 
risen to new heights, and fallen just as 
often. 

Precious metal and finance experts 
continually try to analyze the price 
development But; the gold metal re- 
mains unpredictable. Rising or falling 
dollar exchange rates, wars, and finan- 
cial crises are no longer a guarantee fora 
rise in the price of gold. 

■ The peak in the price of gold was 
readied at $850 for one ounce in 1980. 
Currently, the price ranges between 
$400 and $500. In spite of this, invest- 


ment advisors recommend to follow the 
golden rule - hold ten to fifteen percent 
of an investment portfolio in gold. 

The reason is euqple, explains 
Peter C Cavelti, President and Chief 
Executive Officer of Cavelti Capital 
Management Ltd. in Toront, Canada, 
and an internationally recognized 
expert on precious metals: "Gold is an 
unbeatable investment vehicle that pro- 
tects prosperity at all times, even during 
crisis.* Cavelti has banking experience 
in U.&, Africa and Asia and belongs 
today to the most sought-after precious 
metal advisors. 


Gold Maple Leaf makes a breakthrough 

World’s gold coin standard / Grows in popularity / Even attractive for small Investor. 


OTTAWA, 25. October. Gold, prized 
as a store of wealth over the ages, hasnot 
lost its shine even in the age of high 
technology and cashless t ransac tions. 
This has been felt recently by the Royal 
Canadian Mint Accenting to a spokes- 
man for the Mint, demand for the Gold 
Maple Leaf; the Canadian gold bullion 
coin which is struck in four sires, has 
recently been brisk. Obser v ers of the 
financial world contribute this to various 
factors. The primary reason is felt to be 
its universal recognition which ensures 
ease of trading wherever gold is sold 
around the world. Of almost equal 
importance is its unusual purity of .9999 
or 24-caraL Most other gold coins rarely 
exceed .916 or 22-carat, the purity of the 
South African Krugerrand (which is no 
longer being produced). 

'A farther aspect is that the Gold 
Maple Leaf is legal tender in a country 
known for political stability and for 
being a dependable trading partner. 
Since the coin is easily convertable 
currency, it is sold in most countries 
free of a value added tax: This is 
true in Luxembourg, Switzerland add 
Austria, while a minimal tax is charged 
in Belgium (1%) and Holland (4%). 
Since the Gold Maple Leafis struck in 
prizes, it is able to satisfy the varying 
it needs of all investors. It is 
full troy ounce of pure 
1/4 and l/io ounce of 
ithecoinat 


iti every individual 
portfolio. The question is 
best way to own gold? 

The choice between bullion'* 
bars, certificates or a precious 
account depends upon the wants 
needs -of the individual investor. In 
addition, such aspects to consider are 
the availability of gold, the possibilities 
for resale and also personal taste of the 
ultimate owner. 

WeigWandPurity. Traditionally, the gold 
trade has dealt in troy ounces - one troy 
ounce equals 31J035 grams. Today, 
however, the metric weight system is 
also accepted and used, thus gold is 
available in grams, kilos and tons. 

Of particular importance is the purity 
or fineness of the gold. With small bars, 
or wafers as they are sometimes called, 
and the leading bullion coins, such as 
the Gold Maple Leaf; a purity of 3999 is 
nonnaL This means that the given piece 
contains no more than me ten thou- 
sandth of foreign matter. However, it 
really means that a greater purity is not 
posable nor realty necessary. ' 

Colas - soBd and liquid. One differenti- 
ates, more or less, between numismatic 
coins and newly minted coins, or the 
so-called bullion investment coins. Nu- 


the benefits of owning gold. The Gold 
Maple Leaf, which has been available 
since 1979, is produced only from gold 
mined in Canada. 

This accounts for its unusual yellow 
color compared to coins mixed with 
alloys. The use of Canadian gold is a 
requi rem ent of the charter of the Royal 
f!anflHi^n Mint and it serves to support 
the Canadian mining industry. Gold was 
first discovered in Canada in 1858 and 
has been continually mined ever s i nce. 
Canada is currently the third largest 
producer of gold in the world. 

This objective is clearly being ful- 
filled, as indicated by sales results of the 
f?«nariian poin Siflco its introduction in 
1979, over 10 milli on Gold Maple Leaf 
going - that’s over 300 tons! - have been 
sold around the globe. The biggest jump 
came in 1985, when sales doubled. This 
was caused by a favorable price of the 
precious metal and an increasing in- 
terest in this bullion investment coin, 
following the demise of the South 
African coin. 

Why do more and more investors 
prefer bullion coins to its cousin, the 
gold bar, or wafer as it is sometimes 
called? One key reason is their liquidity - 
a coin eqjoys universal recognition and 
can’t be counterfeited. Gold bars may 
enjoy a solid reputation in their local 
market, however usually require i 
and fime - consuming assay in other] 
of the world. Gold bullion coins 
governments, 
it ant 


respect, the Royal Canadian Mint is 
especially strict Although the purity of 
each Gold Maple Leaf is given as .9999, 
it is actually closer to .99995. The 
weight on each coin is strictly con- 
trolled, with the weight struck on the 
coin being a minimum guaranteed by 
the Government of Canada. Independ- 
ent tests have even shown that the coins 
are all above the minimum, showingthat 

the Royal Canadian Mint gives a little 
gold away to ensure they meet the 
guarantee. No other coin has yet to 
show similar results. 

It is fair to point out that a gold coin, 
and a bar for that matter, provides the 
owner with no interest However, it 
can be still considered an investment 
instrument, but for other reasons.Thisis 
because it is a speculative object But, 
more significantly, gold has been proven 
over time to be the surest store of value. 
Gold bullion coins will not multiply but, 
as the saying goes, they bring peace of 
mind. They can anchor aportfotio that is 
made up primarily of more speculative 
instruments, as they will gain in value 
when others are losing theirs. Inflation 
and economic crisis only eat up other 
investments, while feeding the value of 
gold. That’s why most experts agree that 


Investment 
can also be beandfol 

FRANKFURT, 15. October. The 
Royal Canadian Mint created not only a 
major bullion investment coin, but also a 
coin recognized and appreciated around 
the world for its beauty. Although this is 
not the main criteria in choosing an in- 
vestment instrument, many find added 
value in the quality of the design and 
striking. 

As with all Canadian currency, 
the front depicts the effigy of Queen 
Elizab eth n, reflecting the historical 
relationship with England. The reverse 
side shows the symbol of Canada, a 
maple leaf, which has been captured'to 
perfection by the engraver. 

Prominently displayed are also the 
key facts about the coin, such as- its 
origin; value (either $50 Cdn, $25 Cdn, 
$10 Cdn or $5 Cdn); weight (either 1, 
1/2, 1/4, or i/ioounce); purity - .9999; and 
date of striking. The first coin was struck 
in 1979. 

One Eagle 
that doesn’t fly 

FRANKFURT, 15. October. Ano- 
nymous sources in banking circles 
y~rr"i' Jtfurt, Zurich and London 











ore traditional gold products 
us small bars or the better 
5 l$hed Gold Maple Leqf. 
is soy that less popular coins 
pt ldo not enjoy the same 
me popular coins. 

K • V * \ ’• - • 







*■'*’* -V.r^ 




***/:?&. 


rolds 
h assets. This 
liinthe late 20’s, 
fled to the cur- 
. ‘-the- middle and 
are over-extended 
' ‘V. :'7 '-borrow. The result is 
'■='*]£ placed upon the 
Parallel to this is 
in speculation, 
ew, forcing the 
ts daily. The 
long can the 
A out before It 
^lis subject is 
forefront ■ 
financial 


[j'AlV h. 






^ 

land downs of gold coin 






theiriS^Hp: 
Mostbumo 


j«Mb meet 
'needs. 

enjoy internation- 
al recognition and cannot be counter- 
feited. They can be exchanged for cash 
on demand most anywhere in the world 
where gold is traded. This contrasts to* 
gold bars, which have been known to be 
counterfeited, thus usually require an 
assay to determine their purity. This is 
not only costly for the seller, but also 
takes time and requires formalities. The 
price of the leading coins can be found in 
the financial pages of most major news- 
papers. Or it canbe determined from the 
daily fixing of gold. Many countries im- 
pose a sales tax on gold coins, as well as 
bars. 


Bara-Familiar but net universally recog- 
nized. The majority of bars sold today 
range from I gram up to 1X5 kilograms. 
The small bars are produced at a purity 
of .9999 fine goULThe trade accepts only 
bars from a reputable refinery which 
have a serial number. When there is 


vary 

simil ar 

Eu? price is directly 
of gold, which 


Certificates -Paper as good as gol 
advantage of this form of invest- 
ment in gold is thatno taxis levied on the 
ownership of gold. The precious metal 
remains in the possession of a bank, 
which usually maintains this in a no-tax 
area. The disadvantage is that there is 
usually a minimum purchase amount, 
that varies frombank to bank- for exam- 
ple 10 Gold Maple Leafs or 500 gram bars 
- which makes this form unattractive for 
small investors. Another factor is that 
one doesn’t have possession of the gold, 
which reduces some of the psycho- 
logical benefit of owning gold. 


1986 Non-Communist Gold Production 


October. Recent reports 
indicate that the coin from 
stays down under in sales 
£ . competitors. After Ini- 
-^Tflcess in markets without 
• : ;j~“Hors, the Australian 
living down. Sales of 


St 


v&e Leaf, recently 



Souroa: CsmofcMMl Gold FWdt 


partner. 

tonymous sources in gold trading 
circles attribute this to the stronger 
international position of the Canadian 
bullion coin, which ensures tradability 
and liquidity. 


Gold production up. 

OTTAWA, 15. October. With a yearly 
production of over 100 tons (107 tons 
in 1986), Canada is third largest pro- 
ducer of gold in the non-communist 
world. 

The first discovery was made in 1858 
at Cariboo, British Columbia. Today, 
forty-one mines produce the majority of 
this precious yellow metal. However, 
prospectors still roam the backwoods, 
searching for the hidden lode and 
dreamed-of riches. 

The greatest amount of gold is mine d 
in Ontario. Recent discoveries in the 
region around Hemlo made headlines 
around the world and boosted share 
prices. The main reason for the jump was 
the revised estimate of the gold reserve 
in this area: before the discovery 
reserves were felt to be around 130,000 
ounces - today they are known to be 
closer to 17 million fine ounces of pure 
Canadian gold. Enough to keep the 
Royal Canadian Mini busy st riking Gold 
Maple coins to meet the needs of in- 
vestors around the world. 


3 . 




FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4 P4BY 
Telegrams: Rnantimo, London PS4. Telex: 8954871 
Telephone: 01-248 8000 


Monday November 9 1987 


Europe’s aims 


m space 


THE SPENDING plans of inter- 
national organisations have a 
marked propensity to generate 
an unstoppable momentum of 
their own- All the more so when 


they involve high technology 
and international prestige. To 
that extent, the British Govern- 
ment’s penny-pinching attitude 
to the European Space Agency, 
whose 13 member nations meet 
this week in The Hague to de- 
cide on a new European space 
plan, can be said to reflect a re- 
alistic concern for the interests 
of the taxpayer. The question is 
whether this insistence on val- 
ue for money will cause several 
important opportunities to go 
by the board. 

At issue is an increase in the 
agency’s annual spending from 
$L7bn to $3bn by 1993 and a to- 
tal cash outlay by the end of the 
century of around $40bn. That 
expenditure would take West- 
ern Europe into manned space 
operations. Much of the new 
programme is involved with de- 
veloping Columbus, a laborato- 
ry that would fit into a US-led 
international space station 
planned for the 1990s. A 
French-inspired mini-shuttle, 
Hermes, which needs an im- 
proved version of the Ariane 
space rocket for its launch, 
would ferry people to and from 
Columbus. 


Large sums 

There is no easy answer. And 
given the large sums involved, it 
will do no harm if there is some 
commitment to explore private 


sector funding opportunities for 
those parts of the programme 


Driving force 

The difficulty in assessing 
this programme is that the mo- 
tives underlying it are so mixed. 
They include scientific explora- 
tion, support for an infont in- 
dustry (although parts of the 
space Industry have already 
grown to maturity) and a more 

g eneral desire to be independ- 
ent of the Americans. Espe- 
cially controversial is manned 
space flight, which some coun- 
tries argue is more suitable for 
international collaboration 
than for a separate European 
effort. 

Where the disagreements are 
likely to arise at The Hague is 
over what priorities should be 
given to which objectives. The 
likelihood is that the French, 
who have been the driving force 
behind the ESA, will be more 
overtly committed to a grandi- 
ose and expensive Euro-politi- 
cal vision than the British, 
whose Trade and Industry Min- 
ister Mr Kenneth Cla&e is 
hard-headedly commercial and 
concerned about possible cost 
over-runs, especially on Her- 
mes. For their part, the West 
Germans have indicated strong 
'general support for Hermes, but 
want more time to look at the 
details. 

It Is a moot point whether the 


those parts of the programme 
that hold out the more conspic- 
uous commercial prospects. Yet 
it is hard to see what Britain 
hopes to achieve if Mr Clarke 
combines such demands with 
an argument that decisions on 
the revised Ariane project, on 
Columbus and on Hermes 
would all be premature. This 
simply invites knee-jerk reac- 
tions about the British shop- 
keeping instinct and encour- 
ages the French and Germans to 
pursue their common objectives 
without regard to British inter- 
ests. 

The British Government 
claims to be committed to a Eu- 
ropean space programme and is 
understandably keen to influ- 
ence its development It is en- 
tirely justified in wanting ESA 
members to define their goals 
more precisely and to separate 
more clearly scientific explora- 


tion, which has to be fiinded fay 
the taxpayer, from industrial 
activities where the private sec- 
tor should play a bigger role 
both in financing audio man- 
agement A restructuring of 
ESA along these lines may well 
be desirable, but by appearing 
to blow hot and cold on the pro- 
gramme as a whole the British 
Government has scarcely cre- 
ated a climate in which the pri- 
vate sector would naturally 
wish to undertake more of the 
financing burden. The best out- 
come at The Hague is a realistic 
programme to which govern- 
ments can give consistent sup- 
port 


An agenda for 


Mr Takeshita 


MR NOBORU Takeshita, newly prevented the rise of a consen- 
installed as Japanese Prime sus alternative candidate. Now 


Minister, is reckoned to be a that the factional batons inside 
consensus man. The question the LDP have passed to a 


confronting Japan Is whether (slightly) younger generation 
the gradualist approach to poll- some of the old stumbling 


cy that this reputation implies blocks have been removed. 


Is the right one in the current Pnlitiral to 1 ante 
domestic and international cir- ruuucai KuenK 


cumstanees. 


Sooner or later, therefore, Mr 


In several ways Mr Takeshita Takeshita is going to have to de- 
bas got ofT to a lucky start Ja- cide, for his own as well as the 

I !# •«_ WAAil 


pan Is, even if only temporarily, nation’s good, whether to follow 
off the International hook as the the Nakasone model and be in- 


focus of discontent for global noyative or simply to guide the 
economic mismanagement has ship of state down current 


turned to the US and. to a lesser paths. The latter may be his per- 
extent. West Germany- Much of sonal inclination and has mer- 


the next two months in Tokyo its, so long as the reforms now 
are going to be taken up with in train do not lose momentum, 
the compilation of the budget But if he Is totally passive, in 


for the 1988-89 fiscal year, the manner of Mr Zenko Suzuki, 
which will constitute an impor- Prime Minister before Mr N&ka- 


tant statement of the nation’s sone. then a short tenure seems 
willingness to help promote inevitable: a policy of radical 


scrutiny probably helps a little. 


Debt repaid 


same result. 

Yet Mr Takeshi ta’s very con- 
siderable political talents could 
well make him precisely the 


Secondly, he should enjoy, for man to steer through measures 
a while, the goodwill attached that Japan surely needs; tax re- 


overseas and at home to his pre- form is a bullet on which suc- 


decessor, Mr Yasuhiro Naka- cessive Japanese governments, 
sone, who. In effect, put Mr Tak- Including Mr Nakasone’s, have 
eshita in office. The new Prime foiled to bite properly; the as- 


Minister has repaid this debt fay tronomical price of land is a na- 
appointing a Nakasone confi- tional cross, the unbearing of 


dant, Mr Sosuke Uno, as For- which would be complex and 
eign Minister, which helps en- controversial. If Mr Takeshita 


sore continuity in external were to solve either, even at the 
policies. He has also, sensibly, cost of a brief period in office, 
left in place Mr Kiichi Miyaza- he would have achieved much, 
and Mr Hajime Tamura as More easily attainable is th 


Mr Hajime Tamura as More easily attainable is the 


ministers of finance and inter- consistent pursuit of policies 
national trade and industry rep- now in place. These include the 


sectively. Too often, the most taking of reasonable fiscal 
important portfolios in the Jap- risks, in both the primary and 


anese cabinet have been appar- secondary budgets, resistance 
tioned only with domestic polit- to which remains strong Inside 


ical considerations in mind, a government and industry; the 
rule that Mr Takeshita has oth- development of a physical in- 


erwise followed in naming his frastructure tor Japan commen- 


new team. 


surate with the nation's wealth. 


But these may only be epbem- albeit recently acquired and, to 
eral benefits. The current as- many Japanese, more nominal 


sumption in Tokyo is that the than real; a continued dismantl- 
circumstances of his elevation ing of import restrictions, with 


mean that Mr Takeshita will be special emphasis on agricui- 
a one-term , two-year Prime ture; and more creative deploy- 


Mlnister. The same expectation ment of Japan’s surpluses to- 
also applied to Mr Nakasone wards the developing world. 


and the fact that he lasted five Whichever way he chooses to 
years is only partly explained tackle it, the agenda is heavy; 
by his popularity and his vigour and if Mr Takeshita has a 
in office. Just as much was ac- breathing space tor the mo- 
counted for by the peculiar in- ment, the probability is that he 
ternal divisions of the ruling is going to be running at Axil tat 
Liberal Democratic Party which in the not too distant future. 


Financial Times Mondav November 9 1987 


While Mr Gorbachev’s reform plans convulse the Kremlin, there are pressures for change beyond Moscow. 
Edward Mortimer has been to Estonia where local ambitions stretch the limits of Perestroika 


British axe not taking their 
scepticism too for. Certainly the 
arguments deployed earlier by 
UK delegates at the ESA to the 
effect that the whole pro- 
gramme was beyond Europe’s 
financial capacity is palpable 
nonsense. The European Com- 
munity’s combined gross na- 
tional products could readily 
support a US-sized space pro- 
gramme if there were any politi- 
cal desire for one. The more dif- 
ficult question is whether a 
European failure to establish a 
strong position in space would 
cause a large loss of competi- 
tive advantage in the 21 st centu- 
ry against the US and Japan, or, 
on the contrary, whether a mas- 
sive commitment of human and 
financial resources to space 
might not crowd out investment 
in other technologies which 
have a more direct bearing on 
industrial competitiveness. 


ON AUGUST 23, shortly after 
Mr Gorbachev went on his fa- 
mous holiday, but well before 
his absence began to arouse 
anxiety and speculation, there 
were demonstrations in the cap- 
itals of the three Baltic states, 
Estonia, Latvia and Lithuania, 
which since 1944 have been con- 
stituent republics of the Soviet 
Union. 

We know this because the 
demonstrations were referred 
to - glasnost oblige - in the Soviet 
press, which however asserted 
that they bad been prompted fay 
Western radio stations, "reac- 
tionary emigre circles, Western 
experts on the USSR," and even 
the CIA. TASS portrayed the 
younger demonstrators as club- 
and-knife- wielding hooligans. 
Precise eye-witness accounts, 

telling us how many demon- 
strated and what for, were con- 
spicuously lacking, although the 
date had obviously been chosen 
because it was the anniversary 

of the Molotov-Ribbentrop pact 

of 1939. (By a secret clause in 
this pact Hitler acquiesced in 
the Soviet takeover of the Baltic 
states, which happened the fol- 
lowing year.) 

An invitation to visit one of 
the three republics was there- 
fore not lightly to be refused. It 
came, rather improbably, from 
the Finnish organisers of a 
Finnish-Soviet seminar held 
last month in Tallinn, the Esto- 
nian capitaL 

It should be explained that 
Estonian is a language quite un- 
related to Russian or to any oth- 
er Indo-European tongue, but 
related to Finnish, roughly as 
Dutch is to German; and that 
Tallinn Is directly opposite Hel- 
sinki across the Gulf of Finland 
- a boat trip of some 3V4 hours. 
Estonians can watch Finnish 
television and earn a signifi- 
cant hard-cmrency income, licit 
and illicit, from Finnish tour- 
ists. (Tallinn is known to some 
as "the poor man’s Bangkok.") 
Many. of them can understand, 
and even speak, Finnish. 

It should also be explained 
that Estonia, a territory slightly 



on it in the press had said that it 
was now “very important to talk 
also about political and nation- 
al problems.* . . , 

. Mr Kallas and his friends 
were clearly anxious not to be 
labelled as nationalist: 1 see no 
national problems in the air,” 
he said, “they arise from un- 
solved economic problems". But 
there was an unmistakable un- 
dertone of nationalist resent- 
ment in many of their remarks. 
They told me, tor instance, that 
33-35 per cent of the population 
Of Estonia is already Russian; 
and, although claiming that res- 


ident Russian intellectuals sup- 
ported them, they stressed the 
need tor immig ration control. 

They were also indignant 
about the way the August 23 
demonstration* had been re- 
ported in the press, insisting 
♦hut in Tallinn they were entire- 


were entire- 


ty peaceful and joined far some 
L500 people, mainly elderly. 
The . f pain demand had been 
that the Ribbentxop-Molotov 
Fact should be published, and 
speakers had referred to the 
victims of fascism during the 
war (Estonia was occupied by 
the Germans from 1941 to 1944) 
as well as those of Stalin. 

Their own attitude to the na- 
tional problem was careftilly 
balanced. They pointed out that 
in 1940 the "bourgeois* govern- 
ment had handed over power le- 
gally to the Soviet revolution- 
aries, but admitted that it had 
done so under duress, since Es- 
tonia was already occupied by 
units of the Red Army under the 
terms of the pact - "Nobody ask- 
ed the Estonian people.' 

Many Estonians, they added, 
regarded this as a tragic event, 
"but if we go back into the histo- 
ry of Estonia it has never been 
able to solve this kind of prob- 
lem.” Its geopolitical situation 
did not permit that. 'As in phys- 
ics, great objects have a magnet- 
ic force.* Estonia had been un- 
der Russian rule for two 
centuries before 1917, and its 
rever s ion to that status was 
probably inevitable: the real 
tragedy was that it had joined 
tile Soviet Union in the time of 
Stalin. 

What these young intellectu- 
als claimed to want, with appar- 
ent sincerity, was not separa- 
tion from Russia but a Soviet 
policy such that 'everyone feels 
he belongs to this system*. They 
saw perestroika as offering a last 
chance for Estonia to survive as 
a real national identity within 
the Soviet Union, and said that 
since Mr Gorbachev came to 
power the standard phraseology 


On the jagged 


larger than Holland or Switzer- 
land with only l%m inhabit- 
ants, enjoys the highest per cap- 
ita Income in the Soviet Union, 
the highest rate of car owner- 
ship and living-space, and haw 
been used as a laboratory of the 
liberal economic reforms now 
known collectively as perestroi- 
ka. 

There are, for Instance, al- 
ready a large number of li- 
censed Individual traders ply- 
ing their wares on the street^ of 
Tallinn, and quite a tow small 


The country enjoys 
the highest 
rate of car 


brace of the Moscow bureaucra- 
cy. 

An issue that aroused espe- 
cially strong and widespread 
anti-Moscow feeling in recent 
months was the proposal by the 
All-Union Ministry of Fertilis- 
ers to start l arge -scale strip- 
mining for phosphorite around 
Rakvere, in north-eastern Es- 
tonia - a project which, in the 
supposed interest of agriculture 
elsewhere in the Soviet Union, 
would have destroyed a highly 
productive meat-growing region 
and polluted the water supply 
over a large area. 

The era of glasnast is not pro- 
pitious for such projects. An un- 
precedented campaign against 
it developed in the local press 
and among the population until. 


Not surprisingly this proposal 
has been widely and intensively 
discussed. According to one of 
its authors, Mr Slim who 

is deputy editor of the party 


according to Mr Kallas. He and 
his colleagues had not "export- 
ed" their article to the other 
Baltic states, but clearly Some 


newspaper, "very large masses 
have taken part in the discus- 
sion - workers, scientists and so 
on.' 

Mr Kallas told me he was get- ' 
ting between 10 and 15 invita- 
tions every day to speak about 
the project At all the meetings 
the rooms were foil and the at- 
mosphere "very active*. There 
had been nothing comparable 


Lithuanians had got hold of it 
because a question about it had 
been put to Mr Gorbachev’s 
leading economic adviser, aca- 
demician Mr Abel Aganbegyan, 
by a Lithuanian caller during a 
live phone-in on Moscow televi- 
sion. The response had been 
that the idea deserved some re- 
search but that the objective 
must be to Integrate the Soviet 
Union, not break it up. 


all in favour of self-manage- 
ment and saw no reason why it 
should not be applied whole- 
heartedly to a given territory, 
“but that doesn’t mean that ter- 
ritory should isolate itself from 
others." As for the idea of Eston- 
ia becoming self-financing in 
foreign currency, he dismissed 
this as quite unrealistic. "No re- 
public of the Soviet Union at 


present is capable of going into 
the international market to 


some weeks ago, party officials 
announced that it had been 
shelved, at least until the year 
2000. The issue seems to have 
united the entire population 
against the central Government, 
and the outcome is generally re- 
garded as a great Estonian vic- 
tory, holding out hopes that per- 
estroika will translate into real 
national autonomy in economic 
affairs. 

A very daring proposal In this 
sense was put forward in a 
newspaper article in late Sep- 
tember by four writers hitherto 
regarded as conformist party 
figures. Entitled "a proposal for 
self-management for the entire 
ESSR." it suggested making Es- 
tonia a closed economic region 
on the Chinese model, with a 
convertible rouble, very few re- 
strictions on private enterprise, 
and virtually complete autono- 
my in trade relations abroad as 
well as with the rest of the Sovi- 
et Union. 


rate of car 
ownership in the 
Soviet Union 


handicraft shops, elegantly fit- 
ted out and distinctly pricey, 
run by independent self-manag- 
ing cooperatives. And three 
joint ventures involving Finnish 
companies have already start- 
ed, anticipating the provisions 


of the new law of the enterprise 
which comes into force in Janu- 
ary. 

That does not mean, however, 
that Estonians in general are 
satisfied with their lot On the 
contrary, their relative prosper- 
ity and dynamism makes them 
all the more aware of the draw- 


backs of being shackled to the 
elephantine Soviet economy 
and subject to the choking cm- 


There was a plan to make 
Estonia a closed 
economic region on the 
Chinese mooel, with few 
restrictions on private 
enterprise antitrade 


. in earlier times. 

One of the central ideas in the 
proposal is that Estonia should 
re-orient its production towards 
the international market, be- 
coming a hard currency earner. 
Part of this hard currency 
would become Estonia’s contri- 
bution to the Soviet budget, in 
which it would form a single 
item fixed by the Supreme Sovi- 


Unhappily, while the proj- 
ect’s authors are keen to pres- 
ent it as the logical extension of 
perestroika, the leading expo- 
nents of perestroika at the All- 
Union level are clearly very 
suspicious of it, for both eco- 
nomic and political reasons. 


Two of them - Mr Aganbegyan 
and Mr Nikolai Petrakov, depu- 
ty director of the Central Eco- 
nomic and Mathematical Insti- 
tute of the USSR Academy of 
Sciences - took part in the Tal- 
linn seminar, and I was able to 
ask them for their views. 

Mr Petrakov told me he was 


et on the basis of long-term tar- 
gets. The residue would be kept 
by Estonia to finance its own 
imports. 

Similar Ideas are being dis- 
cussed in Lithuania and Latvia, 


the international market to 
earn currency. The Hungarians 
and Yugoslavs tried that, but it 
was not a very big success." 

Mr Aganbegyan was openly 
contemptuous. "People haven’t 
even thought yet, but they want 
something already," he said. 
"Let them first organise joint 
ventures and so on - it doesn't 
depend on Moscow now - and 
later we can think about the fu- 
ture." 

He disliked the idea of closed 
economic regions end vigorous- 
ly disputed the widespread pop- 
ular p e rception that Estonia 
"gives away" 50 per emit of its 
production and gets nothing; 
back. (Official figures, referred 1 
to fay Mr Gorbachev when he vis- 
ited the republic in February, 
suggest that, on the contrary. 
fiitnniii ]| a. significant net-ben- 
eficiaiy. Estonian economists 
say that these figures are cer- 
tainly wrong, but probably 
there is a rough balance.) 

Mr Kallas readily admitted 
that . more work was needed to 
make the idea economically 


about Russians being the lead- 
ing nation in the Union had 
been dropped. 


‘Many people 
have taken part 
in the debate - 
workers and 
scientists alike 9 . 


practical But, he added, what 
was needed above all was a po- 
litical decision. Although (he 
proposal in itself was purely 
economic, it had "connections 
with leading political problems” 
and many of those commenting 


They clearly felt themselves 
to be Mr Gorbachev's natural al- 
lies, whereas they saw the offi- 
cial party establishment as pay- 
ing only lip-service to him. "The 
nation supports Gorbachev," 
they said. But very few Estonian 
"leaders and editors' did so sin- 
cerely. Such bureaucrats had 
at t acked their project, but only 
in private, carefully avoiding 
any public debate. The problem 
of the establishment, they said, 
was summed up In the famous 
Second World War slogan: "We 
can’t go backwards, because 
backwards . there is only 
Moscow." 


SEOUL, NOVEMBER 8 

Laughing-stock 
of Korea 


Men and Matters 


have just been granted licences 
to open offices in Seoul. 


DOTT JUST TAKE OUR WORD FOR IT— 


James Capel decided to re- 
cognise reality by decorating its 


It is tough at the top for South 
Korea’s leading businessmen, 
battered by protectionism in 
Washington, strikes by their 
workers and worries about 
world recession. As if that were 
not enough, they are now being 
held up to ridicule on state tele- 
vision. 


party with & giant ice sculpture 
of a bull and a bear.both eyeing 


tiie company logo. History does 
I not record which sculpture 
melted first 


The programme, a comedy 
sketch called "Chairman, my 


chairman", would probably be 
enjoyed by fans of "Yes, Prime 


enjoyed by fans of "Yes, Prime 
Minister". It makes fan of the 
patriarchal management style 
practised by the heads of some 
of the biggest conglomerates. 
The sketch opens in the board- 
room where several directors 
are jockeying for position as 
chief sycophant 
All listen raptly to the words 
of their boss until the phone 
rings and they are shooed away. 
"Are you smoking?" the chair- 
man's wife demands, as the boss 
quickly stubs out his cigarette. 
The audience, well aware that 
many senior South Korean men 
are at the mercy of their tough 
minded wives, guffaws. 


The board meeting ends with 
the chairman asking the direc- 
tors’ views on his latest plans. 
*Cho somida," ("Right on, boss"), 
they reply in unison. 

The phrase has become a joke 
all over the country, with chil- 
dren saying it to schoolteach- 
ers, and toddlers responding 
with it to orders from their 1 
mothers. So popular is the 
sketch that it has become a 
stage play which is about to tour 
the provinces. Ominously for 
the bosses, trade union groups, 
are top of the list of sponsors. 

State television has used its! 
ingenuity in getting round the 
rules in other ways, also at the ! 
expense of businessmen. One 
programme. Gateway of Desire, 
tells the story of a rags-to-riches 
industrial magnate who clawed I 


kilos of cabbage worth 323 bil- 
lion won (9403m at today’s ex T 
change rate) radishes worth 52 
billion wonted peppers worth 
159 billion won, and garlic 
worth 52 billion won - a total 
spending binge of about $800m. 

Add another $300m for the 
smaller North Korean popula- 
tion, and the November vegeta- 
ble spending for the peninsula 
reaches nearly glbn, about $90 
dollars for every family. And 
that’s before you even start the 
main course. 


Hard pressed 


South Korea is one of the few 
countries in the world where 
journalists are held in high re- 
gard, X am pleased to report 
Four local colleagues have re- 
cently shown that they are also 
capable of inspiring fear and 
trembling, especially in the 
minds of presidential candi- 
dates. The four are conducting 
in-depth Interviews with the 
hopefuls. The score is currently 
two down and two to go. 


r-^^heHce of these uncei-\ 
itatatteT it may ^ 

prudent t ? Vl 2° 0 ^ta in i^e S t- 


Financial Tima October 24 1987 


MOVE TO 


Venture capital 


his way to power and wealth af- 
ter the Korean war. Dynasty 
style, this show features the 
magnate’s strong interest in 
beantiibl women. 

As the campaign grows to get; 
the senior businessmen to 
change their ways to suit a more 
modern, democratic country, it 
will be interesting to see how 
long they can resist La ughter^n 
this case, may be the best medi- 
cine. 



Side dish 


"We thought ef asking British 
Gas to supply us - but we couldn't 
risk a sudden price rise in the 
middle of the games." 


Few Koreans can survive hap- 
pily for long, as the hostage re- 
cently released in Beirut found 
out, without regular infosions of 
kimche, the spicy side dish 
which accompanies Korean 
meals. While it may not be ex- 
actly addictive, the combination 
of cabbage, chilli peppers, rad- 
ishes, garlic and other spices, is 
considered essential for good 
health. But the need to make 
winter supplies of the dish all at 
once in a country of 43 million 
people causes a major head- 
ache every year for the Min of 
Ag and Fish. 

In 1982, for instance, the Min- 
istry arranged supplies of L6bn 


It was business as usual last 
week at Myongdong Cathe- 
draLSeouTs Catholic seat and a 
haven for protesters against the 
government Outside the church 
a small band of radical students 
pasted up wall posters' and en- 
couraged passers-by to help 
"overthrow the dictator". Near- 
by, squatters removed from 
their homes because of redevel- 
opment and now housed in a 
tent city, contemplated the com- 
ing winter with gloom. 

Inside the cathedral, a former 
prime minister, ambassa- 
dors government officials and 
financiers attended one of the 
society weddings of the year. It 
united the daughter of one of 

South Korea’s leading Stockbro- < 
kers with the son of an ambassa- 
dor, one of the rising generation 
of young South Koreans joining 
foreign securities firms. 

As they entered the church 
some of the younger guests were 
reminded of last June, when 
they left their video screens to 
walk down to the cathedral and 
join In the students’ chants for 
democracy. That successful ef- 
fort was followed this month by 
only a ripple in the Seoul stock 
market as the rest of the world 
crashed on Black Monday. 

The crash coincided with the 
opening celebrations of two 
British securities houses, Hoare 
Govett and James Capel, who 


Both Kim Young Samian op- 
position candidate, and Roh 
The Woo, the ruling party lead- 
er, have still to face the music, 
and aides report desperate ef- 
forts to prepare for the worst 
The first two victims, mm Dae 
Jung and Kim Jong Pil, have 
emerged from the questioning 
with their images blackened, 
their sincerity in doubt and 
their electoral chances weak- 
ened. South Koreans, so far, do 
not feel that they have the can- 
didates they deserve, but their 
faith in the free press remains 

Uiytlmlwiriiwd. 


Polls apart 


You do not have to be a radi- 
cal student to get into trouble 
with the South Korean police, 
one US bank has found. Decid- 
ing to do a bit of research about 
December’s presidential elec- 
tion result, (still anybody’s 
guess), it surveyed voters in sev- 
eral regions. 


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Observer 


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Financial Times Monday November 9 1087 


21 


SIR RONALD BEARING'S re- 
Uranentviii not be s quiet one. 

When he stepped down as 
chairman awl chief executive or 
the Post Office at the end of 
September, . he may have 
breathed a sigh of relief to be 
retreating from the public gaze. 
But the respite will be 
short-lived. 

Sir Ronald has accepted one 
of the hottest seats in the City, 
presiding over the first major 
review for nearly 20 years of the 
ground rules that govern finan- 
cial reporting -a subject central 
to the regulation of the corpo- 
ratesector. 

His official job is to review 
the way that accounting stan- 
dards - the technical accounting 

rnles which govern .how ac- 
counts are drawn up - are set, 
monitored and enforced. The 
' Accounting Standards Commit* ■ 
tee (ASC), which was estab- 
lished by the main accountancy 
bodies to set standards, is no 
longer up to the job,, say its de- 
tractors - and some of Its mem- 
bers. 

It is more than just a techni- 
cal problem for the accountan- 
cy profession's backroom ex- 
perts. At stake is the quality of 
financial information pub- 
lished by companies - affecting 
shareholders, employees and . 
regulators. 

Reported figures, the cynics 
say, are open to many kinds of 
manipulation by nmfi n p B i y m 
managers and auditors can do 
little about it. Accountants gn *i 
interested observers want a 
tougher system with clearer 
rules. 

There is a marketplace of 
consumers who would like prof- 
it to mean awn*tlii"g rimilnr 

from one company to another,” 
says Graham Stacy, a Price Wa- 
terhouse partner and member 
of the ARC 

*1 don’t think we should wait 
until there is a series of major 
corporate scandals before do- - 
ing something about it," says 
Walter Reid, professor of ac- 
counting at the London Busi- 
ness ShooL 

Expert readers of accounts 
claim that they do not need pro- 
tecting: as long as the finan cial 
frets about listed companies 
are available somewhere and in 
some form, the stock market 
will not be misled. 

But markets are not perfect 
"Not even the hardest-line per- 
son would say that there aren't 
occasions when the market Is 
conned," says Paul Ifarsh, also 
of the London Business School. 

There are reasons for keeping 
Its np which have nothing to 
with a ■ company's share 
price. Managers' bonuses are 
often tied, to reported profits 
and a company's ability to bor- 
row may depend on ratios cal- 
culated from the figures in its 
accounts. 


Accounting standards 

A time 



By Richard Waters 



profit 
do w 


Conversely, there may be rea- 
sons for understating profits. A 
company with a large market 
share, or in a protected indus- 
try, may be in Hangar of having 
the beady eyes of consumer 
groups and regulators foc use d 
upon it if it appears to make too 


much money. Or it may simply 
be averse to attracting the Rev- 
enue's attention. 

But the greatest demand for 
consistent accounting stoma 
from the fret that there are now 
9m shareholders In Britain. It Is 
politically .vital that the figures 
in the g »nnai reports they re- 
ceive by law actnally mean 
wm i Bthing . There are many us- 
ers who m not spend their lives 
tnMng accounts apart and put- 
ting them back together again.” 
says David Damant of the Soci- 
ety of Investment Analysts. 

Three accounting issues have 
highlighted flaws in the system. 

The first was the rejection by 
companies- of a role which re- 
quired them to show the effects 
of inflatiori on their figures. 
Rumbling on for the past 12 
years, the debate has exposed 
embarrassing weaknesses in 
the standard-setting process. 

Tears passed before the ac- 
counting profession agreed on 
Statement of Standard Account- 
ing Practice 16, which required 
companies to provide figures 
adjusted to current, costs. Com- 
panies then voted firmly with 
their feet by not following it 

The second contentions issue 
concerns takeovers and merg- 
ers. Virtually all accountants 
agree that the standards which 
"regulate” this area have been 
drafted- too loosely. The subject 
is important enough to have 
been Included in the Depart- 
ment of Trade and Industry's 
(DR) review of competition pol- 
icy. 

Auditors hint darkly that com- 
panies understate the value of 
assets acquired in takeovers - 
though it is impossible for read- 
ers of accounts to tell if this is 
the case. The understatement 
reduces the amount of depreci- 
ation that has to be written off 
against profits in future years. 

Guinness set a new standard 
in disclosure in its last accounts 
by giving rpxe details of the val- 


ue it placed on the assets It ac- 
quired from Distill era. Such 
disclosure could become stan- 
dard, following a review by the 
accountancy profession. 

Yet Guinness does not keep 
“e purists entirely happy: it 
disposed of £L4bn of goodwill 
arising in the Distillers take- 
over by exploiting a legal loop- 
hue allowing companies to 
write off goodwill a gains t their 
share premium account If fhia 
route had not been open to 
•Gu innes s, It would have had 
just £300xn of reserves against 
which to write off goodwill The 
other CLlbn would have had to 
be written off against fixture 
profits. 

The Guinness approach - 
which was also followed by 
Hanson Trust in Its acquisition 
of Imperial - 1 b likely to be out- 
lawed, following a DTI investi- 
gation of takeover accounting. 

Hie third area of concern in- 
volves off balance sheet finance 
- the practice of artificially re- 
moving liabilities from balance 
sheets. One way of doing this is 
to leave a subsidiary out of the 
consolidated accounts by tech- 
nically taking away its status as 
a subsidiary. A majority of the 
shares, for instance, could be 
' sold to a* merchant bank, to be 
bought back at a later stage. 

In the most celebrated case to 
date, mining group Barnett A 
HaUanuhtre revealed that 
shareholders' fends of £108m 
.turned into a deficit of £4m in 
1985, thanks to the losses of a 
subsidiary previously kept out 
of the accounts. 

By ita nature, the use of off 
balance sheet schemes is diffi- 
cult to detect A glance at the 
accounts of merchant bank Bill 
Samuel, though, may give an 
idea of the extent of their use. 
The bank records that on March 
31 this year, it was technically 
in control of 29 companies 
which were not consolidated in 
Its accounts. Rill Samuel’s In- 


terest in these companies Is 
confined to no minal capital”, it 
said. 

These are likely to be subsid- 
iaries of its clients that it had 
agreed to take over” to clean up 
the clients' balance sheets. The 
bankers, natnra ^y enough, do 
not want to include these hid- 
den subsidiaries on their own 
balance sheets. 

In one such deal, merchant 
bankers Morgan Grenfell took 
48 per cent of the shares of the 
Storehouse subsidiary Richard 
Shops in 1986, leaving Store- 
house with another 48 per cent 
Technically, neither "owned" 
the company, so it appeared in 
neither’s balance sheet. Rich- 
ard Shops was subsequently 
"bought back" by Storehouse. 

Burton found another way of 
improving the look of its bal- 
ance sheet in 198ft It sold and 
leased back £100m of property 
to a 50' per centrowned associ- 
ate, Hall & Sons - taking £100m 
of debt off its balance sheet. 

The accountants* argument 
that In substance the company 
remains a subsidiary, regard- 
less of the legal form, has met 
with short shrift from the legal 
profession. The ASC Is now 
casting around for another way 
of tackling this and similar 
abuses. Writing complex legal- 
istic rules on accounting to cir- 
cumvent the lawyers is not a 
course it wants to follow, but 
there no other option un- 
der the present system. 

The standard-setters’ woes 
look set to multiply with the 
rapid development of financial 
instruments. Three problems 
arise from: 

• Deep-discounted bonds. Less 
for no) interest is paid on bonds 
issued at a hefty discount to 
face value. This means that the 
borrower s' profits are not hit 
each year by the interest cost 
The real financing charge, the ' 
discount, can' be written off at 
the outset against reserves. 


In September, property group 
Greycoat drew attention be- 
cause of its accounting treat- 
ment of a deep-discounted issue 
which won the approval of its 
auditors, Arthur Young. It 
wrote off the discount to Its 
share premium account, leaving 
reported profits for fixture years 
unaffected by the cost or the 
borrowing. This approach, 
which is within the rules, is 
likely to become more common. 

• Warrants. Bonds which are is- 
sued with warrants giving the 
right to buy shares at a later 
date present a similar problem. 
Part of the "cost" of the debt is 
the warrant 

• Stepped bonds. The interest 
rate increases over the life of 
the bond. This means that prof- 
its in the early years are pro- 
tected from interest costs. 

Observers both inside and 
outside tiie accountancy profes- 
sion now want a standard-set- 
ting body with more indepen- 
dence, more cash and more 
ways of making sure its rules 
are followed. 

The independence question is 
the most urgent Accountant 
members of the ASC have an 
axe to grind. It takes a 75 per 
cent majority on the committee 
to bring in a standard. And ac- 
counting- firms feel ufieasy with 
their dual role as auditors and 
setters of standards. 

The ASC is also hampered by 
being tied to the apron strings 
of the accountancy bodies, 
which set it up and finance it It 
does not have the power to issue 
standards, but must put its pro- 
posals to each accountancy 
body for approval. 

The second need - more cash - 
is one that ASC chairman Mi- 
chael Renshall strongly sup- 
ports. On its £230,000 budget it 
maintain* just four ftxll-time 
employees. More cash would 
enable the committee to oper- 
ate with a larger team of techni- 
cal experts. The Financial Ac- 


counting Standards Board, the 
US equivalent is the model to 
which most look with envy. 

The third and most difficult 
issue involves enforcement The 
creaking edifice of standards 
has been supported so Tar by a 
complex web of forces based 
mainly on the ethical rules of 
accountants and common con- 
sent It needs reinforcing. 

Most company directors, and 
even a large number of finance 
directors, are not accountants 
and do not always feel bound by 
rules made by and for accoun- 
tants. The accountancy bodies 
can reprimand only their 6wn 
members. 

Auditors do not refer to a de- 
viation from standards in their 
reports to shareholders nniwui 
it undermines the truth and 
fairness of the accounts - a step 
that few are prepared to take, 
given the highly damaging ef- 
fect of such a report A recent 
dispute over accounting issues 
between Sound Diffusion, an 
electrical equipment group, 
and auditors Ernst & Whinney 
is a rare case: the company has 
now changed its auditors. 

Regulators have taken a back 
seat The DTI, while concerned 
ahnat acco unting standards, has 
shied away from suggestions 
that it should put legal weight 
behind them. And the Stock Ex- 
change claims it can do little to 
force compliance, since the on- 
ly sanction at Its disposal is to 
delist a deviant company - a 
move that would damage the in- 
terests of shareholders. 

The US Securities and Ex- 
change Commission is not so 
feint-hearted. It refuses to ac- 
cept accounts for filing if they 
do not conform to generally ac- 
cepted accounting principles. 
Accountants hope that Sir Ron- 
ald Dearings review will rec- 
ommend similar short shrift for 
companies that ignore account- 
ing rules in Bril 


Lombard 


The ethics of 
workfare 


By Michael Prowse 


AT the Tory Party conference 
earlier this year, Mr Norman 
Fowler, the Employment Secre- 
tary, won an ovation for a 
speech that promised legisla- 
tion to crack down on young- 
sters who reftxse places on gov- 
ernment training schemes. Mr 
Fowler, along with most of his 
Cabinet collegues, believes that 
the "refuseniks" should be de- 
nied social security benefits: 
the young should be prepared 
to work, train or go hungry. 
Such legislation is likely to be 
only the thin end of a "workfare" 
wedge which could transform 
Britain's approach to welfrre. 
Many on the right are convinced 
that a policy of paying people to 
do nothing has fostered a "cul- 
ture of dependency”. They ar- 
gue that workfare principles 
should be applied much more 
generally : in other words, 
able-bodied welfrre recipients 
of all ages should be required to 
work or train. 

The concept of workfare origi- 
nated in the US. In the 1970s, 
Ronald Reagan, then governor 
of California, decided that wel- 
fare recipients should be com- 
pelled to "work off* their benefit 
payments. The Reagan scheme 
was a flop because only a tiny 
proportion of welfare recipi- 
ents were enrolled ou compul- 
sory work projects. But it 
helped change the climate of 
opinion. Legislation was passed 
in 1981 giving all states the right 
to require some welfrre recipi- 
ents - often female single par- 
ents living in poverty - to work 
for their benefits. A number of 
schemes have been set up in dif- 
ferent states, but the idea has 
yet to catch on in a big way. Is 
workfrre something that could 
flourish in the UK? Could it be- 
come as central to Thatcherism 
as tax cuts, sound money and 
privatisation? 

Some on the libertarian right 
are confident It could. Mr John 
Burton of the Institute for Eco- 
nomic Affairs, for example, ar- 
gues that workfrre could take 
lm people out of long-term un- 
employment over the next three 
to five years, at a cost to the Ex- 
chequer of only around £850m a 
year. Other enthusiasts, such as 
researchers at Liverpool Uni- 
versity, contend that workfrre 
could both creek the problem of 
long-term unemployment and 
save money. Workfare would 
work, as Mr Burton candidly ad- 


mits, by 'exerting downward 
pressure on wages” : in effect a 
batch of people currently un- 
willing to work at existing 
wages would be forcibly shoved 
into the labour force. The net 
cost would depend upon the 
balance between two factors : 
the number of workfare places 
taken up and the cost to the 
Government of each place. 

The number of required 
places is highly uncertain. It 
would depend on how many 
people are scared off the unem- 
ployment register by workfrre 
rules. The cost per place would 
depend on the Government’s 
generosity. A workfrre place 
must cost more than the passive 
payment of benefit because of 
incidental expenses such as the 
cost of materials and equip- 
ment, the cost of travelling to 
work and administrative over- 
heads. Workfrre would save the 
Exchequer money if the extra 
cost of each job were more than 
offset by a decline in the num- 
ber of claimants following the 
introduction of the tougher 
rules. Mr Burton, almost cer- 
tainly correctly, judges this un- 
likely; indeed, he is sufficiently 
conscious of tee cost problems 
to recommend that the UK 
"keep to workfare projects of 
the relatively cheap variety”. 

The UK could certainly afford 
workfrre in the strict account- 
ing sense. (Given the scale of tax 
cuts planned over this Parlia- 
ment, we could clearly afford 
the much more generous ^ob 
guarantee” schemes proposed 
by the Charter for Jobs). The im- 
portant issue is not money but 
ethics. Somebody who accepts 
the morality of a socialist 'com- 
mand' economy can advocate 
workfrre with a clear con- 
science. It is obvious to him that 
individual citizens must accept 
the work they are allocated or 
starve. But nobody, surely, who 
believes in personal freedom 
can take this authoritarian line. 

In a civilised democracy, peo- 
ple ought to be free to choose 
whether they want to work. 
They should not be forced to "do 
their bit for society”. The Gov- 
ernment must do all it can to 
create work opportunities and 
incentives. It must continue to 
counsel refuseniks of all ages. 
But it surely should not seek to 
eliminate their freedom by tak- 
ing away their right to an uncon- 
ditional subsistence income. 


BigBang ? s 
good news 

From Mr James SandHande 

Sir, The anniversary of 
Bang has given rise to a 
deal of comment, implying that 
while tee institutional investor 
has benefitted from all the 
changes, the private investor 
has suffered. 

In our experience at Buck- 
master & Moore, these com- 
ments are not justified. Our ac- 
tivities comprise fend 
management for both private 
clients and institutions and pri- 
vate client stockbroking. Big 
Bang has been good news for 
our clients.' 

It has freed us from restric- 
tions which were not generally 
in our client's interests. For ex- 
ample, we are now able to buy 
the best research in the City. 
This, together with our own in- 
ternal resources, has allowed 
us to obtain the best, up-to-date, 
research information on every 
sector of the UK market. These 
extra resources - not availabl e 
to ns pre-Big Bang - can only im- 
prove the ability of our fluid 
managers to take good deci- 
sions. Secondly, in common 
with institutional investors, pri- 
vate clients have enjoyed 'clos- 
er" dealing prices since Big 
Bang. 

Thirdly, private clients now 
have a far greater range of ser- 
vices on offer. Big Bang and reg- 
ulation have forced stockbro- 
kers to categorise their 
services. Private clients now 
know much more precisely what 
service they should be getting 
and what it will cost. 

Fourthly, private clients are 
protected not only by the Stock 
Exchange Compensation Fund, 
as before Big Bang, but also, if 
the? choose to deal with one of 
the larger firms, they have the 
additional protection of tee re- 
sources of a financially strong 
parent company ■ in our case 
Credit Suisse. It is true that 
"cheap execution" services have 
yet to become cheap, but SAEF 
and other developments will 
mean they become a reality be- 
fore long. 


..-v.'— -. hi . »•.- 




Letters to the Editor 


In every other area, the 
choice ana degree of service 
available to private investors 
has improved since Big Bang. 
James Sand Hands, 

Buckmaster A Moan, 

80 Cannon Street, EC4 

Employee share 
ownership 

From ihe Deputy Chairman, the 
Wider Shore Ownership Council 

Sir, I was sorry to learn (No- 
vember 3) that Mr Biyan Gould 
favours collective share owner- 
ship for employees. This puts 
them back in tee nursery, pre- 
sumed incapable of looking af- 
ter their own assets. It also un- 
derlines the need for moving 
ahead rapidly with employee 
share ownership on an individ- 
ual basis. 

At present, about twice as 
many companies have executive 
share option scemes as general 
employee share schemes and 
the Wider Share Ownership 
Council has persistently advo- 
cated linking the two so that the 
tax position is better for man- 
agements who also operate a 
general ^employee share 
scheme. During the summer we 
conducted a poll and found that 
67 per cent of the companies re- 
sponding; who either have al- 
ready or are introducing share 
otiamw , favour this idea. 

To appreciate how it could 
operate, one has to look at the 
three tiers of popular capital- 
ism in a consumer democracy,, 
where the customer is king or 
more often, queen. There are 

S he e n tre pren eurs who 
new ways of serving her 
if successful, build cap- 
ital worth 100 to lfiOO times 
their pay. 

Secondly there are the top 
managers, who succeed to the 


responsibilities of the entrepre- 
neurs and it Is pernickety to 
worry about whether they are 
granted options worth four or 
six- times their pay, provided 
these are triggered by company 
performance, which the Invest- 
ment Committees now require 
them to be. 

The proposed linkage could 
work on the following li n e s, to 
encourage bringing in the third’ 
tier, the other employees. Total 
options held by an individual 
manager at any time under an 
approved Bcheme would be 
three times pay unless the fol- 
lowing conditions applied, 
when they could be six times 
pay: (a) options worth no more 
than three times pay have been 
granted In tee pevions three- 
year' period, and (b) a general 
employee snare scheme - either 
savings related or profit sharing 
- has made a grant of options or 
a share appropriation at least 
once during tee previous three- 
year period- 

There is no particular magic 
in the figures three and six, but 
they fit the two holding periods 
of three years in tee present 
legislation, which are condi- 
tions of tax relief Also those 
managers who already have op- 
tions worth four times pay - the 
pres ent limit - wnnld not have to 
wait long before being able to 
operate the new arrangements. 
George Copeman, 

Juxon House, 

94 St frufi Churchyard, EC4 

US Presidential 
candidates 

From Mr W. Grey ' 

Edward Mortimer (October 
27), in bracketing America's rel- 
ative decline in economic pow- 
er together with an apparent 
dearth of US presidential can- 
didates, rather lightly dis- 


missed, among other tee 

.ge p a ra tiop.of powers as a possi- 
ble explanation of the latter 
phenomenon. 

Under . that doctrine, an 
American president is, of 
course, not only debarred from 
membership of Congress, which 
may in fret, in one or both hous- 
es, be ruled by a hostile majori- 
ty. He also need not have won 
his spurs In tee political arena, 
rather than -in, say, the law or 
the armed forces. While this 
widens the field of choice fer 
beyond the legislature's con- 
fines, It also makes candidates 
possessing "presidential tim- 
ber” think twice before entering 
what is, with resulting prima- 
ries, a doubly gruelling race for 
a potentially frustrating office. 

Obviously, a radical amend- 
ment of the venerable US con- 
stitution. were this conceivable, 
would not halt, let alone re- 
verse, America's relative eco- 
nomic decline. But it might at 
least make tee holder of the US 
presidency a less lonely and, for 
all his power, helpless figure. 
W.Grey, 

13 Arden Road, N3. 

Creating 

meltdowns 

From Mr Paul Hewitt 

Sir, I do not understand the 
c once rn about the interaction 
between portfolio insurance 
and index arbitrage. The invest- 
ment strategy offends employ- 
ing portfolio insurance is to re- 
duce their exposure to the 
equity market as prices fall- Un- 
til recently the only way to im- 
plement this policy was to sell 
stock. Now funds can sell index 
futures - to arbitrageurs who 
sell the underlying stock. The 
end result is the same. It merely 
takes two steps instead of one. 

"Meltdowns” are a conse- 
quence of substantial funds fal- 
lowing the strategy of continual- 
ly reducing their exposure to 
the equity market as prices fell. 
They are not the consequence 
of a particular method of imple- 
mentation. 

Paul Hewitt, 

CatmshUlljjdge, 

10 Chaucer AvemuL 

Weybridge, Sumy 


TSB’s extraordinary general meeting: a shareholder’s view 


From Mrs Wendy Gihney 

Sir, As a private shareholder 
in TSB who was present at last 
week's extraordinary general 
meeting, Z am grateful for your 
front page reporting of the 
event (November 3X 
Certainly, as Mr Banker com- 
mented, TSB’s board were sur- 
prised by opposition to tee bid 
which was so vehemently dis- 

F layed by shareholders present 
would like to comment on 
some of the reasons for this op- 
position to the bid and tee ex- 
tent to which these are logical 
and not just an emotional reac- 
tion to the recent market fell; 
First, at the time tee bid was 
launched City analysts thought 
the offer very generous - now 
the offer is probably more than 


£200m above Hill Samuel’s in- 
trinsic market value. 

Second, even without the bid, 
the profitability of TSB’s own 
fend management operation 
would be vulnerable to a pro- 
longed stock market fell A suc- 
cessful bid would increase that 
exposure. 


whether the potential price 
which may be obtained for 
Wood Mackenzie (the subsid- 
iary it is proposed to sell off) is 
at the level which might have 
been expected before the mar- 
ket dropped. 

The argument of the TSB 
Board is that the takeover is 
still in the long-term strategic 
interests of the TSB group. Fur- 
ther, they regard the recent, 
market events as a temporary 


phenomenon. However, most of 
the shareholders present at the 
EGM would have been content 
with a simple three-week post- 
ponement to assess the market 
position more closely. As yon 
reported, this would therefore 
seem both a logical and sensi- 
ble business decision. 

The crux of the ma tt er 
seemed to rest on the proxy 
votes held by the Chairman, Sir 
John Read, which he felt en- 
abled him to oppose the mo- 
tions from the Boor calling for 
an . adjournment Although 
these proxy votes were posted 
after the start of the crash it is 
very much open to question 
whether shareholders tod tod 
sufficient time to consider the 
impiio^yiy of the market 
movement or indeed knew that 


they could rescind their proxy 

VDtA 

Associated British Foods 
tom sensibly, postponed their 
EGM so that their recommenda- 
tion of approval for the bid for S 
& W 1 Bensford is delayed. This 
is to enable teem to more felly 
consider the turmoil in the mar- 
kets. It is a pity that Sir John 
Read and the board were' not 
moved by the same sentiment 
expressed by the .TSB share- 
holders present at the EGM. It is 
certainly astonishing (and in- 
deed a larming ) that they were 
surprised by the expression of 
such sentiment. 

Mrs W. M. Gibney, 

9 St Johns Courts 
Beaumont Avenue, 1 
St Albam, Herts 



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22 


WHett 

IS BUILDING 
01 689 2266 


FINANCIAL TIMES 


A 


Monday November 9 1987 


American Appraisal (UK) Lknfted 

ipfrutuurtl nnfnnTnu-nttfrir 01-839 WJS 

nmmuxori 


Rod Oram cm 
Wall Street 

ITT pulls 
the plug on 
Carpenter 

TTT Topples President: is the 
sort of headline many people 
still expect to read about the 
sprawling conglomerate which 
alter the Second World War 
came to embody the sinister 
side of US multinationals. 

To many Americans, ITT has 
become a three-letter symbol 
for corporate subterfuge and 
raw power,* the New York 
Times wrote at the height of the 
company’s involvement in the 
seamier side of the Nixon Ad- 
ministration. 

But the company has changed 
in the 1980s and now only its 
shareholders, not American vot- 
ers, need to be concerned about 
its actions. Corporate subter- 
Aige is still at w ork, it seems, 
but the president ITT leaned on 
last week was its own, Mr Ed- 
mund Carpenter. 

Qu ite what went on inside 
ITTs Park Avenue headquar- 
ters is still something of a mys- 
tery bat Mr Carpenter, aged 45, 
was suddenly shorn of his pow- 
ers as chief operating officer. It 
is thought likely he will baulk at 
carrying an empty presidential 
title and will quit ITT soon. 

Wall Street was taken aback. 
Mr Band Araskog, 55, chairman 
and chief executive since 1979, 
had indicated Mr Carpenter 
was his heir apparent when he 
appointed him president and 
chief operating officer in July 
1985. 

Through the 1980s, most effec- 
tively In the past two years, Mr 
Araskog has slimmed down and 
brought greater profitability 
and cohesion to the huge corpo- 
ration he took over from Mr 
Harold Geneen, the legendary 
conglomerateur and master ac- 
quis itor. 

Although be joined the group 
only in 1981, Mr Carpenter had 
rapidly made himaelf highly 
usefiil to Mr Araskog as a 
strong, hands-on executive 
skilled at firing or selling «<Hng 
businesses. Graced with social 
and political skills, Mr Carpen- 
ter had risen meteorically. He 
was speaking his mind increas- 
ingly and becoming highly visi- 
ble and liked on Wall Street 
"He increased the credibility 
of management His departure 


is a negative for shareholders* 
said Mr Phua Young of Shear- 
son Lehman. 

Some in ITT thought Mr Car- 
penter was ousted because he 
had become too useful and 
prominent There was an echo 
from the twilight of the Geneen 
era wh en Mr Lyman Hamilton, 
briefly ITTs chief executive, 
was thrown out by Mr Geneen in 
1978. "Hamilton showed his 
muscles too much. Geneen 
didn’t want a really charismatic 
guy * a fellow executive said at 
the time. 

Another theory last week was 
that Mr Araskog had become 
impatient with Mr Ca rpen ter's 
efforts to turn around ITTs de- 
fence business. Even though he 
was rectifying Its failures to 
meet some Pentagon price and 
performance specifications, its 
earnings fall 61 per cent in the 
third quarter on slightly higher 
revenues. 

It was a bad blemish on ITTs 
otherwise sparkling results. Net 
profits had risen 67 per cent to 
$120ra on sales up 12 per cent to 
$48bn. At last, over the past 
year , Mr Araafcog’s remaking of 
ITT has been paying off Where- 
as Mr Geneen had acquired 275 
companies in 20 years, Mr Arak- 
og has sold more than 100 in 
eight years and shrank the glob- 
al workforce to 123JI00 from 
348.000. Its main activities now 
include insurance, finance, de- 
fence, car parts, electronics, 
fluid technology and hotels. 

This was not what Mr Araskog 
originall y in tended. He wanted 
to turn ITT, which started in 
1920 as the US Virgin Islands* 
telephone company, into a pre- 
eminent global telecommunica- 
tions manufacturing and ser- 
vice company. 

Several things deraile d the 
plan - such as System 12, ITTs 
costly and fruitless effort in dig- 
ital telephone exchanges. Mr 
Carpenter finally persuaded Mr 
Araskog in early 1986 to aban- 
don the badly managed System 
12 project after it had eaten up 
more than a $lbn in develop- 
ment money. 

Since then, Hr Araskog haa 
sold or spun off into join t ven- 
tures virtually all of ITTs tele- 
communications activities. No- 
table initiatives included tbe 
formation of Alcatel, a joint 
venture with CGE of France. 

While these efforts have gen- 
erated soaring profits, a healthy! 
balance sheet and applause 1 
from analysts, investors have! 
remained cool to tbe company. 
Despite its recent performance 
it is still far many *a company 
that’s continually going to dis-i 
appoint you however low yourij 
expectations are,' said Ms Ther-* 
esa Gusman of Salomon: 
Brothers. 

Its shares are trading at a 60 1 
or 70 per cent discount to asset 
value, at dose to book value, 
making it vulnerable still to the 
corporate raiders it fought off 
several years ago. Although a 
big increase in dividend, expec- 
ted to be announced at a board 
meetin g tom orrow, will help im- 
prove ITTs image with its 
shareholders, the toppling of 
Mr Carpenter has not 


Francis Chiles in Tunis analyses Mr Ben Ali’s peaceful takeover of power 

Tunisia’s ‘father’ runs out of time 


AS BEFITS a man with a mili- 
tary background,- Mr Zein El 
Abidine Ben Ali is discreet and 
well organised. Both qualities 
served aim admirably during 
the five weeks he was prime 
minister of Tunis! a. 

The decisiveness which he 
displayed after tbe riots of Jan- 
uary 1978 and the bread riots of 
January 1984 also ensured that 
last Saturday’s removal from of- 
fice of Mr Habib Bourguiba, the 
country's 87-year-old bead of 
state, on grounds of ill health 
was carried oat with speed and 
efficiency. 

Yesterday, armoured vehicles 
sealed off Carthage Palace, the 
president’s official residence. 
In the centre of Tunis, however, 
there were no police reinforce- 
ments. 

Most Tunisians who are open- 
ly expressing their relief at the 
departure of Mr Bourguiba re- 
gret that their former leader, 
who was for many years a politi- 
cian of stature, did oot choose 
to band over the reios earlier. 
When asked three years ago 
what was the major problem 
confronting Tunisia, Mr Bour- 
guiba Jr, the president’s son 
who has held senior posts in the 
country since 1957, simply 
sighed: *My father should have 
given np years ago.* 

The change was also wel- 
comed by Tunisia's neighbours, 
Algeria and Libya and by 
France, Spain and Italy. 

The decision to remove the 
president is believed to have 
been taken after consultation 
with the leaders of the ruling 
Socialist Destour Party (PSD), 
the government and the general 
staff, 

For more than half a century, 
Tunisian politics were domi- 
nated by the personality of Mr 
Bourguiba. Tunisia today owes 
much of its economic and social 
ingress since gaining indepen- 
dence from France in 1956 to 
his consummate political skills. 

Rare among Arab countries, it 
has enjoyed a period of politi- 
cal stability which has oot in- 
volved the armed forces - until 
now. But the initial indications 
from the new president are that 
he wishes to continue the re- 
formist path which Mr Bourgui- 
ba pioneered. 

Mr Bourguiba, who became 
president in 1957 after deposing 
the last Bey of Tunis, admired 
many thing s French and Ameri- 



Hr Habib Beargvlba deft), 
who was deposed as Tuutalan 
president an Saturday, re- 
mained yesterday at Carthage 
Palace, the official residence 
of tiie country’s head of state. 
The Prime Minister, Mr Hedl 
Baccoucbe, said in a radio in- 
terview, giving the first offi- 
cial ward of the Conner lead- 
er’s whereabouts that Hr 
Bourguiba had been visited by 
friends and relatives and that 
lie might be moved to a retire- 
ment June in the southern 
town of Sfax. 



can and was not ashamed to say 
so. He provided the driving 
force behind the efforts to mod- 
ernise a small country which 
boasts few natural resources - a 
modest quantity of oil and phos- 
phates, little fertile land and 
meagre water supplies. He 
sought to modernise the mes- 
sage of Islam and went so far as 
to argue that economic develop- 
ment should be looked on as a 
Jihad (a holy war). 

Although he failed on that 
point, he granted his country- 
women a greater degree of 
emancipation than in any other 
Moslem country. 

His pragmatism in domestic 
affairs was reflected in foreign 
policy. Hard-headed modera- 
tion aid not make Habib Bour- 
guiba popular among his Arab 
peers. In 1965 when he sug- 
gested that Israel was a country 
with which the Arabs would 
have to live, he was pelted with 
and his views were some- 
it overshadowed by the cru- 
sading rhetoric of President 
Nasser, the Egyptian leader. 

The bombing by the Israeli 
Air Force of the Palestine Lib- 
eration Organisation (PLO) 
headquarters in Tunis two 
years ago came as a deep insult, 
all the more so because of Pres- 
ident Ronald Reagan's initial 
endorsement of this action. 

President Bourguiba gave full 
support to the Algerians in 
their struggle for independence 
from France and remained un- 
convinced that Colonel Gadaffi 
of Libya would ever change his 
ways. 

Tunisia under his leadership 
has been steady in its alliance 
with France and the US, and 
more recently Algeria. Overall 
it has been a factor of stability 
in a turbulent region. 


The events of last Saturday 
are not a worthy exit for a 
statesman of such stature. They 
became increasingly inevitable, 
however, as Tunisian political 
life sank into a morass of petty 
intrigue and the former head of 
state’s megalomania increased 
to a point where senior mem- 
bers of the establishment fait 
that the fatnre stability of their 
country was at risk. 

The army surrounded the 
presidential palace in jCferthage 
4am Saturday morning.' In a dec- 
laration later read on Tunis ra- 
dio, the new president paid 
homage to his predecessor but 
said that did age had made him 
incapable of carrying on his du- 
ties. 

Mr Zein El Abidine Ben All 
said that he would seek a revi- 
sion of the constitution because 
he argued that *the times in 
which we live do not allow 
someone to be elected presi- 
dent for life.” 

He will also promote new 
hills to. parliament, where every 
deputy is a member of the PSD. 
This would allow the creation of 
other parties and greater free- 
dom of the press. Although oth- 
er parties such as the Movement 
of Social Democrats and the 
Communist Party have been tol- 
erated since 1981, they have 
found it virtually impossible to 
function. 

Mr Zein El Abidine Ben Ali, 
9, was trained in both French 
and US militar y schools and oc- 
cupied the post of director of 
military security for 16 years to 
1974. He has the rank ofgeneraL 

In sharp contrast to the Tuni- 
sian political class and to his 
predecessors, he Is not given to 
displays of verbose spe ech es. 

He has proved himself a tree 
law-and-order man but when 
tbe state prosecutor requested 


90 death penalties at the end of 
a major trial of Islamic radicals 
last September, Ur Zein El Abi- 
. dine shared none of the former 
. president’s taste for revenge. 
.The verdict, which only con- 
demned two of the defendants 
to be banged, enraged the for- 
mer head of state who was also 
badly upset by the -verdict 
passed against Mr Rashid A1 
. Ghannoushi, tbe leader of the 
_ Movement of the Islamic Ten- 
dency, the largest radical Islam- 
ic movement who was con- 
demned to hard labour for life. 

The new president has neatly 
laid to rest the "Father” of the 
- modern Tunisia who had all but 
confiscated the modem history 
of North Africa's smallest coun- 
try. The megalomania of the for- 
mer president, his increasingly 
erratic behaviour, his penchant 
for. insulting his ministers in 
front of guests made the events 
of last Saturday virtually inevi- 
table. 

Mr Mohammed Sayah, a se- 
nior minister for many years, is 
also under arrest Apart from 
writing a modern history of 
Tunisia which bore more rela- 
tion to the Kremlin’s version of 
events than reality, Mr Sayah 
was active as the head of the 
PSD throughout the seventies in 
encouraging the radical Islamic 
groups. 

- Thanks to a high quality civil 
service, to certain ministers 
who managed to cany on de- 
spite the intrigues of the presi- 
dential palace in Carthage, to 
the political maturity of many 
Tunisians, the country has 
avoided sinking into civil strife. 
By the same token, the hopes in- 
vested in the new head of state 
are Immense. Every Tunisian 
knows that continuing austerity 
and liberalising the economy is 
going to be painful. 


THE LEX COLUMN 


Dispute over independent West 
European space station looms 


BY PETER HARSH IN LONDON 


DISAGREEMENTS over the 
tssibilily of b u il d ing an em- 
yo West European space sta- 
tion, ahead of a planned agree- 
ment with the US, will dominate 
a two-day meeting on European 
space policy which starts today 
in The Hague. 

Ministers from tbe 13-nation 
European Space Agency will 
decide whether to increase the 
agency's spending from $L7bn 
to about $3 bn by 1992. 

The bulk of the planned in- 
crease would be spent on three 
projects; the Columbus manned 
laboratory, the French-inspired 
Hermes manned spacecraft and 
an improved launch vehicle 
called Ariane-5. 

Columbus and Hermes, which 
could cost up to 69bn by the end 
of the century, are likely to be 
the most contentious. 

Both are linked to a grandiose 
international scheme, pro- 
moted by the US, to launch an 


orbiting base for scientific ex- 
periments in the 1990s, with the 
leading industrialised nations 
sharing costs. The US intends 
cont ri buting roughly two-thirds 
of the estimated $20bn bill. 

While Columbus is due to 
ping into the main US core of 
the celestial structure, Hermes 
would give Western Europe the 
capability to take astronauts to 
and from the base independent- 
ly of US launch vehicles. 

An agreement between the 
US and the ESA nations over 
the joint space station is still, 
not signed. In spite of two years 
of negotiations. 

Some ESA officials, backed 
by France, say that Western Eu- 
rope should go ahead with Col- 
umbus, even If it fails to reach 
an understanding with the US. 

On this basis, Columbus - ser- 
viced by Hermes, a small vehi- 
cle which would enter orbit on 
top of an Ariane-5 rocket -could 


form a mail but autonomous 
West European space station 
which would be ready early 
next century. 

Britain, which In recent 
weeks has campaigned against 
what it says are unrealistic ESA 
plans, Is Ukely to oppose any 
bid to proceed with Columbus 
ahead of an agreement with the 
US. 

The tJK also wants ESA to 
abandon for the immediate fa- 
tore the development of Her- 
mes, which it says is too expen- 
sive and technically unproven. 

The UK position, however, 
has been considerably weak- 
ened by West Germany’s deci- 
sion on Friday to give outline, 
backing for the French propos- 
als on Hermes, albeit with the 
caveat that the project should 
be re-examined over the next 
three years. 

Background, Page 4 


Pan-European paging service planned 


BY DAVID THOMAS M LONDON 

EUROPEAN telecommunica- 
tions administrations are plan- 
ning the first pan-European 
pa g in g service in a develop- 
ment which could involve a 
highly innovative partnership 
between European communica- 
tions companies. 

At present, paging service us- 
ers cannot be contacted on their 
pagers ontside their own coun- 
try, but the telecommunications 
authorities are determined 
there should be a pan-Europe- 
an service by the early 1990s. 

Thirteen countries have been 
meeting this year in an attempt 
to lay down standards and a 
timetable for this service, 
which will be based on a new 
generation of paging technolo- 
gy. 

They have already agreed 


that the specification of the net- 
work should be completed by 
the end of next year and of the 
receivers by the end of 1989, 
with the aim of introducing the 
service in 199L Some partici- 
pants believe this timetable is 
optimistic, however. 

Representatives will be meet- 
ing again in Rome next month 
in a bid to sort out remaining 
problems, including the choice 
of frequencies for the network 
and the services to be offered. 

Simultaneously, representa- 
tives of the four largest coun- 
tries, West Germany, France, 
the UK and Italy have been dis- 
cussing the idea of setting up an 
interim service which would al- 
low subaribers to use their pa- 
gers in any of those four coun- 
tries. 


This would not be based on 
new technology, but would in- 
volve devel oping new cha n nel s 
in the UHF range. 

One proposal being consid- 
ered is that operating compa- 
nies would be set up in each 
country, with a majority stake 
held in the operating company 
by that country’s domestic pag- 
ing concern and a minority 
stake being held by the three 
other countries. . . 

The UK faces a particular 
problem in working out how it 
would participate in this inter- 
im service because the Gover- 
meat, through its liberal i sation 
programme, has encouraged a 
variety of new competitors, - 
now numbering seven - to Brit- 
ish Telecom, the dominant pag- 
ing operator. 


World Weather 




Philips and 
Sony design 
new CDs 


By Laura Raun In A ms te rdam 

and David Thomas In London 

philip s of the Netherlands 
and Sony of Japan, joint devel- 
opers of compact-disc (CD) tech- 
nology, have agreed on. basic 
specifications for a new system 
that can record mnsic or data. 

The CD write-once player will 
allow a single digital recording 
on a blank 12cm disc, which can 
be repeatedly played bnt not 
erased and re-recorded. Until 
now, compact-disc players 
could use only pre-recorded 
commercial material. 

The Fbilips-Sony develop- 
ment is an important step in op- 
tical-disc technology towards a 
system capable of erasing and 
re-recording compact discs. 

Such a re-recordable system 
would compete with digital au- 
dio-tape players, the new music 
medium developed by the Japa- 
nese which allows recording of 
the same high quality as the CD 
and which Philips has yet to in- 
troduce for fear of eating into 
buoyant CD sales. 

However, BIS Mackintosh, a 
UK-based market research con- 
sultancy, believes that a write- 
once CD player such as that an- 
nounced by Philips and Sony 
will have only a limited market 
and that digital audio-tape play- 
ers will have become better es- 
tablished through price reduc- 
tions before a re-recordable CD 
player Is developed. 

The Philips-Sony CD write- 
once system will be aimed 
mainly at the professional mar- 
ket, notably in the storage of in- 
formation for computers and in 
audio recording. The equiva- 
lent of about 75,000 pages of in- 
formation on A4-size paper or 
60 minutes of sound can be opti- 
cally recorded. 

CD write-<mce systems are to 
be ready for Licensing by early 
next year, the two companies 
said. 


Reagan set to name judge 


Centimied from Page 1 

Union on medium range nucle- 
ar missiles is still ahead. 

Mr Ginsburg stepped Into 
the shoes of Judge Robert 
Boris, a co n troversial right; 
wing figure who was rejected 
jut over two weeks ago by the 
Senate. Mr Ginsburg then 
quickly ran into problems over 
questions of cbareeter, jndge- 
tnent and ethics and withdrew 
his candidacy cm Saturday. 

Officials have moved 
to find another candidate, 1 
lug to pot the embarrassing : 
fair behind them as soon as 
possible. But they are likely to 


delay namings candidate iwtil; 

files have been searched and 
backgrounds cleared. There 
were also signs that the Ad- 
ministration might be moving 
away from the confrontational 
stance It took with both Judges 
Ginsburg and Bork. 

The end for Judge Gins- 
burg’s nine-day nomination 
came after he was telephoned 
on Friday by Mr William Ben- 
nett, tbe Education Secretary, 
and advised to withdraw. Mr 
Bennett had first talked to the 
President, who was publicly 
defending Hr Glnsbarg but ap- 
proved the telephone calL 



The Chancellor of the Exche- 
quer went to some lengths, in 
his Mansion House speech tost 
week, to compliment the City of 
London for the way it had coped 
with the recent turmoil in the 
world*! financial markets. 
While this kind of thing doubt- 
less went down well with his au- 
dience, the City’s reput ati on as 
an International Bnmriai cen- 
tre faces an equally daunting 
test with the forthcoming £750m 
C$L3bn) flotation of the Euro- 
tunnel project A successful is- 
sue would greatly enhance the 
City’s ambition to rival New 
York and Tokyo as a place 
where mega-projects can be fi- 
nanced, while a flop would only 
confirm suspicions about the 
short-term time horizons of 
British financial Institutions. 


U ndemanding 

The sums to be raised are rel- 
atively s ma l l . UK investors are 
required to pu t up no more than 
half the £7S0m, which is less 
than 5 per cent of the BP issue. 
But if the money is not raised, 
one of the world’s biggest con- 
struction projects will have to 
be abandoned. Its bankers, 
which are Wiunwtng the vast 
bulk of the £6bn total cost have 
already accepted an abnormal- 
ly long payback period for their 
loans,, which has frightened 
away almost all the major US 
commercial banks and Lon- 
don’s merchant So it is 

now np to tbe investment com- 
munity to demonstrate that it is 
prepared to shoulder its share 
of the risk. ■ • 

The record to date Is not en- 
couraging. Eurotunnel’s first 
major equity funding ea e rci ae 
in October 1906 was an embar- 
rassment Since then Enrotan- 
nel’a management has been 
s tre ng th ened, the political risks 
have been largely eliminated 
and the stock exchange quota- 
tion for Eurotunnel shares 
should go a long way to meeting 
any reservations major inves- 
tors might have about liquidity. 
But there remain very real wor- 
ries over whether investors will 
be .attracted into a highly 
geared project which has yet to 
be built and will not pay its 
first dividend for another seven 
years at the earliest In addi- 
tion, tbe recent collapse in 
wor l dwi de equity prices and 
tiie launch of an advertising 
campaign by FLexilink, the an- 
ti-Eurotunnel lobby which is in- 
tent on proving that the project 
is doomed to financial failure, 
will have clouded the issue’s 
prospects in the minds of many 
investors. 


Eurotunnel 

RnbjsbtBd Aridehds (£) 
1J5' 



Eurotunnel's promoters have 
produced a prospectus which, if 
it is a nywher e near correct; of- 
fers first-time investors the Op- 
portunity to participate In a 
project with incredible finan- 
cial returns, and enjoy travel 
peaks which are almost as valu- 
able as the estimated £8JSD per 
share offer price. By mid-lSOE* 
when the tunnel should have 
been operating for a couple of 
years, Eurotunnel estimates 
that the value of its shares 
could have risen sevenfold to 
around £24. It arrives at this fig- 
ure by projecting the dividends 
over the 55-year life of the con- 
cession and discounting them 
back at an annual rate of 12 per 
cent. According -to Eurotunnel, 
it could be paying a 39p divi- 
dend in its first fiul year of op- 
eration, and the payout rises 
rapidly there af ter as borrow- 
ings are paid off or refinanced 
at tower rates. Flerilink argues, 
that far from making a 
in its first year of opera- 
tion Eurotunnel will report 

losses fix* 17 years, and will not 
be able to pay its first dividend 
until 36 years after flotation. 


Valuation 

Given the vested interest of 
Flexflink's ferry and port oper- 
ator members, its conclusions 
should be treated with a great 
deal of reserve. But there are 
real problems in puttim* a value 
on EawtmuwJ, and the only 
thing that can be said with any 
certainty is that- EnrotnmMl’S 
profit and dividend pr ojections 
are wrong. They are either too 
high or too tow. Any investment 
decision is complicated by the 
feet that for the first seven 
years, Eurotunnel is a relatively 
nigh risk ”Start-up* project It 
will, therefore, take eight years 
before investors have a clear 
view on whether it is the safe 


cow which its promoters 
co nfiden tly predict. 

Overruns ■ 

. Suggestions that the project 
Might suffer the same sort of de- 
lays and cost overruns as the is- 
famous NatWest bank tower in 
the City are grossly unfair. It is 
the scale of the project’s logis- 
tics rather than its technical 
complexity which could cause 
problems. Indeed, the real risks 
in tiie project relate not to its 
construction but to its commer- 
cial viability. At the macro-eco- 
nomic level, a sharp rise in real 
interest rates combined with a 
prolonged European slump 
could ruin the arithmetic. This 
kind of scenario may be almost 
unthinkable, bnt invertors must 
mu face the question of wheth- 
er tbe project can generate the 
revenues necessary to pay in- 
terest and dividends. 

Eurotunnel starts from a 
strong position. Its operating 
costs will be less than a fifth of 
its revenues, and will in any 
case be covered for the first 12 
years by guaranteed payments 
from its railway customers. It 
should be able to dictate its 
share of the market However, 
Its control over pricing levels is 
more debatable. The assump- 
tion is that after an overdue ra- 
tionalisation of cross-Channel 
farcy capacity, the remaining 
operators will learn to live with 
the tunnel and not engage in 
cut-throat pricing. The final 
question over Its commercial vi- 
ability centres on the growth of 
tiie market. Eurotunnel has 
been very conservative in its es- 
timates of the amount of traffic 
which its existence might cre- 
ate. This is a major impondera- 
ble, but the gut feeling Is that if 
the tunnel works efficiently its 
business could vastly exceed its 
promoter's forecasts. 

Admittedly, this-is the bullish 
argument. If the project’s fate 
was laft soldy to tiie whims of 
UK Institutional investors, it 
might never get- built But the 
offering of valuable travel 
perks has aroused the interest 
of the individual investor, and 
evidence of substantial- partici- 
pation by the small shareholder 
should bolster the confidence 
of tiie underwriters. Unlike oth- 
er new issues where the small 
investors take their profits and 
run, Eurotunnel could have an 
unusually stable long-term 
shareholder base. Ironically, 
the recent collapse, in share 
prices could work in Eurotun- 
nel’s favour. A month ago a 17.7 
per cent gross dividend yield 
over the life of the project did 
not look very exciting. These 
days, it has definite attractions. 


NCNB 

Corporation 

Announce that with effect from 
1st January 1988 die name of: 

CakoojjaBank Limited 

will be changed* to: 



GORDON 


BANKERS LIMITED 


NCNB Corporation is America’s 16th largest bank holding company and the biggest in the 
fast glowing South-Eastern United States. In 1986, NCNB bad assets of US$27.4 billion, 
primary capital of US$1.7 billion, and after tax profits- of US$199 million. Runtime Gordon 
Bankets Ltd will be the largest subsidiary of NCNB outside the USA. - 

The name change follows the full acquisition of Paramne Gordon & Co Ltd by Carolina Bank 
Led on 8th May; 1987, and underlines NCNB’s commitment to its UK operations. 

Carolina Bank Ltd was established in 1978, concentrating on specialised products fc>r corporate 
clients. The acquis i ti o n ofPrimnge Gordon &■ Co Ltd gives it effective entry into a diversified 
tange of financial services. 

Rnaune Gordon & Co Led will continue to act as an 
corporate finance, equities and fisted interest distribution, 
investment management. 


services in 
private clients and 


fix further infbnnatiottt 


Bernard A. Furlonge^ Directory 
CatnimaBank Limited, 

26 Austin Friars, 

London EC2N2EH 

Telephone: 01-628 4821 

A subsidiary of NCNB Corporation, Charlotte, North Carolina USA. 

+Satyect m qgual mfe the Conpanlai and Bonking Acta. 





23 


r *< 


Jtf _ 


- •. 


SJ . 



£ Hr goldon »!• *“ * VoiMM pili- 
th*y won't let m keep nr 

$1 

/'■ ■-' ; Secretaries 

TBJEPH0fC:OHB06Vn 



SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Monday November 9 1987 


•is- V- > 


INTERNATIONAL BONDS 


Eurodollar market treads a vertiginous path 


rats DOLLAR bond market main - 
t ained its resilience last week, dis- 
engaging itself from, further falls in 
the currency os it was underpinned 
by the conviction that the Federal 
Reserve would an easy 


Even in ftp bond mpp * 

ket, where interest is limited by 
currency fears, yield spreads over 
US Treasuries narrowed on setectr 
e d issu es as US institutions went 
hunting for cheap bonds and as cen- 
tral banks sought to spend some of 
the dollars they have accumulated 
supporting the unit over the last 
few weeks. 

‘ Co mmen ts by Ur James Baker, 
US Treasury Secretary, that be 
would risk a further dollar fall soon* 
er than a recession confirmed the 
course of the Treasury market As 
Mr Steven Bell, chief economist at 
Morgan Grenfell, said: "It is dear 
that the US, having tightened 
monetary policy earlier this year to 
shore up the dollar, has decided to 
act as a closed economy." 

So last week the baud market 

could keep going on expectations of 
farther interest-rate falls and a 


flight to quality in the face of stock- 
market weakness* Assuming the 
dollar's fall does not become too 
pretipitms* it should be able to 
maintain thte eqnfli brip m in the 

Twir fo»tm ‘ 

It may be hefced by foreign ex- 
change dealers’ inclination to give 
the dollar a break after driving it 
down sharply over the last two 
weeks. Orm bond dealer said on Fri- 
day: “My impression i& that the for- 
eign exAenge market has no confi- 
dence m the doUar but it stiD Hrinlff 

the doHar is oversold for toe mo* 
merit.” 

Nevertheless, the Eurodollar 
bond market most be treading a 
more ami more vertiginous path. 

. lb restore confidence in the dot 
lar, a substantial cut in the budget 
deficit is necessary - and that 
seems less and less Bkdy. But even 
if fife achieved, fife probable that 
the Federal Reserve will use any 
d pi of dollar strength to cut inter- 
est rates, limiting the boost to the 
currency. 

The deflationary effects of toe 
stock-market crash are expected to 
begin to make themselves istt in of- 


ficial figures going into the new 
year. At that tone, with a US elec- 
tion looming, toe Fed will be under 
pressure to keep monetary policy 
loose, even as toe traite figures be- 
gin to Improve. 

lids picture gives very little room 
for optimism about toe dollar over 
toe medi u m term "wipe* other in- 
dustrial nwftflnffi substantially re- 
duce their own Interest rates. 

Later on next year, toe faffing 
dollar could rekindle inflationary 
fears. These have been so far for- 
gotten now that, though the US 
Treasury market suffered a setback 
after the release on Friday of imex- 


October, they were largely dis- 
missed as ^yesterday’s stray 
Mr Giles Keating, economist at 
Credit Suisse First Boston, said: 
"Ironically, the figures confirmed 
that tbs Fed was acting reasonably 
when it raised the discount rate at 
toe beginning of September, ffr a 
shame that this tightening erf liquid- 
ity had to trigger a stock-market 
crash to check toe growth in the 
economy." 

Most international bond analysts 


are r p m mTTwnrfrng inv estors to un- 
derweight themselves in dollar 
bonds. Midland Mpptpgn, for in* 
stance, ranks the dollar market last 
in a lid: of nina major bond markets 
on a three-month view. Over a simi- 
lar tune period, Deutsche Bank 
Capital Markets suggests that toe 
dollar bloc should make op 30 per 
cent and non-dollar W o e bon d g 70 
per cent of an international portfol- 
io over the same period. 

The strength of the market last 
week opened up a narrow new issue 
window, which Austria took advan- 
tage of by issuing a $250m three* 
year bond However, only a limited 
number of b o rro wer s can expect to 
squeeze through the window since 
central banks are bruited to buying 
bonds with maturities under five 
years, toe the highest quality cred- 
its. 

Dealers said that, in any case, 
few sovereign *"d supranational 
borrowers were hkely to issue new 
bands because swap rates were un- 
favourable. Borrowers could expect 
to gain floating-rate dollars at only 
around 15 basis p o ints under Lon- 
don interbank offered rate. 


Prices in most other sectors of 
toe Eurobond market rose, benefit- 
ing from toe dollar's weakness. Hie 
main exception to this was the Aus- 
tralian dolla r sector. Partly this ref- 
lected further weakness in toe cur- 
rency, mr concerns about the effects 
of a world recession on Australia’s 
commodity-based economy. But the 
Australian domestic market never- 
theless staged a partial recovery. 

The Eurobond sector, cm tine oth- 
er hand, suffered a blow to its confi- 
dence when Orton Royal Bank an- 
nounced it was withdrawing from 
the market Orion had been toe sec- 
(wiHM yri market w»Tff r 

By the aid of toe week, dealers 
were saying that toe Mow to liquidi- 
ty would be less than at first feared. 
This was because there were still 
plenty of houses which have so far 
been peripheral players waiting to 
£11 any vacuum left by Orion. 

Nevertheless, market making ca- 
pacity in the sector was looking less 
than healthy on Friday, with few if 
any prices displayed on the brokers’ 
screens. Dealers were said to be 
quoting prices an some bands on 
bid-offered spreads as wide as two 


points - previously, % point spreads 
had been the norm. 

The Eurosterling market was 
about toe most active for new is- 
sues. Three new deals emerged on 
Thursday, when the secondary mar- 
ket was buoyed up by toe strength 
of sterling a nd fadiwitinmB Hmt the 
UK authorities would be maintain- 
ing an accommodative stance after 
Wednesday’s cut in base bank lend- 
ing rates. 

Baring Brothers led a £150m ad- 
ditional tranche for a £20Om World 
Bank bond la u n c h e d in June, which 
was then toe largest Eurosterling 


Though some houses said the 
h«H evoked interest, flip 
lead-manager s*dd it had been ?Np 
to persuade UK foods to sell gilts 
and buy the partly-paid World Bank 
tngb»aH. its argument was that, mb' 
til toe bond goes folly paid next 
June, these institutions would be 
able to use the rest of the proceeds 
of the gilt sales to Invest in shares, 
so fagm-rng against any rebound in 
the equity market. 

Clare Pearson 


EUROCREDITS 


Switch to bank finance conies under active discussion 


THOUGH the flow of new Euro- 
credit wnwriHateB remains 
ta cnl ar, business is definitely 
ting up. 

Syndicated lending had already 
been staging a healthy recovery 
this year. Now, many borrowers 
who might previously have planned 
equity or bond issues are discussing 
bank finance instead. 

A resulting surge of new deals is 
unlikely to show through for some 
time, Cteariy, it depends portly on 
borrowers' need for funds. But 
there are already nurnnurings that 
Italy might turn to the bank market 
for a Slbn credit The country has 
been a heavy issuer in the hand 
markets, most rece ntly wi t h YWOba 
of bonds last ™«n*b 


While an Italian deal is very 
much still on the horizon, two other 
sovereign names are expected to 
award mandates within tire next 
few days: Critfft Fender for a 
SSOOm five-year credit and Greece's 
OTE for a $175m eight-year borrow- 
ing. Pricing for toe French deal Is 
expected to be very tight, and the 
Greek terms will also be watched 
closely. - 

Spanish borro w ers will have re- 
newed access to toe market next 
year after a rescheduling agree- 
ment for Fecra, tire electricity utili- 
ty, is signed. 

A preliminary agree ment was 
reached on Friday and is to be put 
to the fan steering committee fato* 
this month. Bankers do not expect; 


however, an immediate flood of de- 
mand from Spanish borrowers. 

The Central Bank of Turkey, 
meanwhile, has mandated Chemi- 
cal FUnlr mH S mwHmrm bank for a 
SlOOm one-year loan which will re* 
p l a n e an Minting fiftm facility. Tur- 
key will pay 15 basis points less 
th»n US banks' prime rate cm one 
tranche <mri 75 fauna points above 
TVwwhwi interbank offered rate on 
the other, with front-end fees rang- 
ing up to 5 bads points on the for- 
ma and S fanria points cm toe lat- 
ter. 

Several corporate deals have 
emerged. Dowitor, toe US paper 
company, mandated Credit Suisse 
First Boston for a MOQm five-year 
revolving oedit, with a tender pan- 


el fir advances and bankers accept- 
ances. The interest margin is 125 
basis p oints over Libor, and the fa- 
cility fee is 10 bads points on tire 
"available” potion - at least S150xn 
- and 75 basis points an the "un- 
available.” Utilisation fees are 5 bar 
ds points if the facility is more than 
one-third drawn and 75 bads 
points If it is more than two-thirds 
drawn. 

CSFB was also asked to arrange 
a SlOOm revolving credit for a UK 
subsidiary of Essehe Badness Sys- 
tems, tiie US office supplies con- 
cern which itself is 79 per cent 
owned by Essefte of Sweden. Tbe 
five-year credit has a c ommitm ent 
fee of 625 basis points, a margin of 
125 basis points, and fees of 5 basis 


points if more-toon one-third used 
awl io basis points if more ft”" 
two-thirds. It will back up Eurocom- 
mercial paper issues, for which tbe 

company will have a S200m pro- 
gramme. 

National Australia Bank is 
seeking a S250m five-year revolving 
underwriting facility through Mer- 
rill Lynch International, to back its 
US wnri Eurocommerdcal paper 
programmes. The margin of 625 ba- 
sis paints and underwriting foe of 
625 bads points woe said to be 
tight by bankers chary of providing 
competing fa^fa with Equidity on 
over-fine terms. Merrill argued that 
they were fair for a Double A rate 
bank. 

National Horae Loans, the UK 


umrigaga co n c ern which has al- 
ready made several bond issues, 
added its name to the recent spate 
of UK mortgage-related credits - 
though this deal is a revolving loan 
not backed by mortgages. The 
£4Q0m facility, ted fey Morgan Guar- 
anty. is divided into two equal 
tranches, both with a five-year mat- 
urity, a margin of 375 bads points 
over Libor and a 125 basis point 
commitment fee. Hie frr«t is com- 
mitted, the second is an uncommit- 
ted tap facility which maybe am- 
verted next year into committed 
funds. 

Among other corporates, Primer- 
ba increased its credit from 5400m 
to S50Qm. 

Alexander Nkoll 


Fletcher King 

SURVEYORS, VALUERS, 
COMMERCIAL PROPERTY 
CONSULTANTS 

Strarton House Stratton Street 
Lender. VAX 5FE 01 -493 8400 


Gotabanken profits 
may be halved due 
to losses on options 


BY SARA WEBB M STOCKHOLM 


GOTABANKEN, Sweden's fourth* 
largest quoted commercial bank, 
yesterday admitted that profits this 
year would be halved following 
large losses in options trading dur- 
ing recent months. 

Senior are dne to meet 

toe hanking inspector today to dis- 
cuss consequences of tbe losses, 
which are by far the largest among 
a spate of distresses in the coun- 
try’s options market 

The bank has promised to review 
toe f uture of its options trading di- 
vision and to introduce new con-' 
tools. 

Gotabanken’s pro fi ts after finan- 
cial items are expected to reach on- 
ly SKrSOQm {$49 Jin), said Mr Ulf 
lignoii deputy managing director, 
against a 1988 result of SKriJOOm. 

Following a hastily convened 
board meeting yesterday, Mr Lig* 
nefl. said that tbe bank itself had 
lost about SKritOOm on fado* op- 
tions and that further losses of be- 
tween SKr50m and SKrlOQm had 
been sustained by some of its bad- 
ness clients. 

Though the transactions fanfc 
place during the wwwnwr and au- 
tumn, toe losses have grown very 
rapidly recently due to the bourse 
crash, he said. 

Gotabanken is the latest to join a 
long list of banks and brokerages 
which have made heavy losses on 
options trading, chiefly through in- 
adequate internal controls «n«i the 
lack of measures to cut losses. 

Svenska ngnitelsfamlnui, the 
third-largest commercial bank, 
fired two employees last month 
when ft transpired that they had vi- 
olated toe bank’s rules on trading. 
The Tfank Inspection Board says it 
is considering ways of curbing tire 
use of options as gambling instru- 
ments in resp<mse to tire numoous 
recent scandals. 

H»ivt akhiintc n said its estima- 
ted losses of SKrlOQm would be co- 
vered by insurance. Gotabanken 
says it is looking into whether its 


losses could be covered by insuran- 
ce bat admitted yesterday that it 
may have to bear the foil cost itseff. 
• Norway's top three banka. Den 
norske Credxtbank (DnQ, Christia- 
nia Bank, and Bergen Bank have 
been placed on Creditwatch fay 
Standard & Poor’s, the US credit ra- 
ting agency, writes Karen FotsH in 
Oslo. 

The three banks are currently ra- 
ted Al-phrs, but following an inve- 
stigation by tbe rating agency into 
the banks’ cur re n t financial stan- 
ding a down gra ding poFTtiff* 
ppwid be imminent 

banks could comeasTre^t of lo- 
wer results achieved this year com- 
pared with the past and because of 
Norway’s uncertain economic futu- 
re. 

Earlier this year Moody’s, the 
other leading US-based rating agen- 
cy, downgraded Norway's credit ra- 
ting because of the country’s depen- 
dency on oil faewne which was tig* 
nificantly reduced after toe afl. price 
fan of 1986. 

Mr Bfoem Skogstad Aamo, Nor- 
way’s Secretary of Finance, said 
that, with an exchange rate of 
NKr625 to the dollar next year, 
Norway could stand to lose 
NKrLSm ($233m) in oil and gas 
earnings. He will that earnings on 
oil and gas sales had been based on 
an exchange rate of NKe650 


EUROMARKET TURN OVER (So) 
Primary Market 



Straws 

Cow 

FMi 

Otter 

us* 

1764 

53 

813 

*228.9 

Pm 

Otter 

I32&3 

670.7 

162.0 

4126 

790.8 


Pm 

1*22.7 

6.4 

212.4 

424J 

ScoMteT Market 




US* 

2M3&1 

24514 


7466.4 

Pm 

26,9630 

2/A3.4 

6.7100 

Otter 

Pm 

341496 

ZM993 

1,916* 

M373 

7,6943 23,012.7 
4,7856 173*43 



Cede) 

Endw Total 

K5 

Otter 

2637-8 

mi ?P£J 

404926 674304 

Free 

204560 

274694 474254 

Week to Nwmbw 5. 1987 SanrasAIBO 


This announcement appears as a matter of record only These Securities have not bean 
registered undar the United Stales Securities Act of 1933 and may not. 
as part of the distribution, be offered, soto or delivered, efineetty or 
indirectly In the United States orto United Stales persons. 

October; 1987 

10,000,000 Units 

Autopistas del Mare Nostrum, S.A. 

Concesionaiia del Estado 

10,000,000 Ordinary Shares 

with Warrants to Purchase 5,000,000 Ordinary 
Shares of Autopistas del Mare Nostrum, S A 

Each Unit offered consists of one OrcEnary Share and a fractional enOttement to % warrant 
issued by Banco Central SA. Tbe wairants are exercisabie from October 14, 1987 
to October 13, 1969 ata price of Ptas. 1850, subject to adjustment. 


Price US. $14.75 Per Unit 


Salomon Brothers International Limited 


Alexanders Laing & Cruickshank 
Banque Paribas Capital Markets Limited 


CIBC Capital Markets 


Daiwa Europe Limited 


DresdnerBank 

Aktfengesettsdiaft 

Morgan Stanley Intern a tion a l Prudential-Bache Capital Funding 

Swiss Bank Corporation International Limited Union Bank of Switzerland (Securities) Limited 


Banquelndosuez 
BNP Capital Markets United 

itiiiui ns riniiii 

Deutsche Glrozentrale 



IMI Capital ktekets (UK) Ltd 




BHF-BANK 

Can. $60, 000, 000 


BHF-BANK Finance (Jersey) Limited 

10 : Vs% Guaranteed Bonds due 1992 

invrtfcab/i 'and unconditionally '^mminteed b \ * 

Berliner Handels- und Frankfurter Bank 


Morgan Guaranty Ltd 

BHF-BANK 

Algemene Bank Nederland N.V. 

Bank Mees&Hope NV 
Banque Bruxelles Lambert S. A. 

Credit Commercial de France 
DresdnerBank Aktiencesellschaft 
* Ceneralf. Bank 

Kkedietbank- International Group 
Vekeins- und West bank Aktiencesellschaft Westdeutsche Landes bank Girozentrale 

Wood Gundy Inc. 

14tk September, 1987 All of there semrities hare been sold. This announcement appears as a matter of record only. 


CIBC Limited Orion Royal Bank Limited 

Baden-WC rttembergische Bank AG 
Bank of Montreal Capital Markets Limited 
Banque! Paribas Capital Markets Limited 
Dominion Securities Inc. 
DSL Bank Deutsche Siedlungs- und Landes renten bank 
Cenossenschaftuche Zentralbank AC- Vienna 
Nederlandsche Middenstandsbank nv 












r 


INTERNATIONAL CAPITAL MARKETS 


Financial Times Monday November 9 1987 


UK GILTS 


US MONEY AND CREDIT 


Pragmatism takes 
precedence over 
orthodoxy 


Recession not foregone conclusion write off $lbn debts 


XT WAS was another exciting 
period for the gilt-edged market 
last week. The impact of devel- 
opments in the international 
arena forced a significant 
change in the authorities' ap- 
proach to domestic policies. 
For the time being, pragmatism 
seems to be taking precedence 
over orthodoxy in monetary pol- 
icy. 

In quieter times, the macro- 
economic implications of the 
Autumn Statement and the tra- 
ditional exposition of monetary 


to lower rates to support the eq- 
uity market 

At a time when equities have 
taken such a punishing, some 
economists believe that we are 
witnessing a secular change in 
investor attitudes towards 
bonds. Mr Stephen Lewis at 
Phillips and Drew is optimistic 
about the prospects for bonds 
and believes yields on long-dat- 
ed g»Us will foil to between 8 
per cent and 8% percent within 
the next few months. "T can see 


THE TROUBLE with profiting 
from somebody else’s misery - 
as bondholders have so spectac- 
ularly done during the past few 
weeks amidst the massacre of 
equity investors - is that the oth- 
er party is liable to come back 
and take his revenge. 

Zt was this kind of sentiment 
that started nieding at the con- 
science of the US bond market 
on Friday morning, as the Trea- 
sury's long bond, fell more than 
a point on the announcement of 
a much bigger than expected 
rise in October's payroll em- 
ployment The Jump of 518,000 
jobs in October was the biggest 
monthly increase in US employ- 


ment since April 1978 and came 
to more than double the consen- 


policy offered by the Chancel- 
lor of the Exchequer's Mansion 
Bouse speech would have been 
enough for the market to digest 
Bnt the second cut in base rates 
in two weeks and a switch in 
government policy towards the 
'sterilisation 1 ' of foreign curren- 
cy intervention stole the lime- 
light 

The decision to go ahead with 
the BP issue a few days earlier 
and the sharp $6.7bn rise in Oc- 
tober's foreign exchange re- 
serves made the change in the 
fending rule inevitable. 

The renewed slump in the Lon- 
don equity market on Wednes- 
day, at a time when City institu- 
tions were strapped for cash 
due to outstanding underwrit- 
ing obligations, meant that it 
was probably essential. 

The commitment to continue 
ftffggtting the net effect of the 
Banks intervention in foreign 
exchange markets through gilt 
sales in the same financial year 
could have put an int olera ble 
burden on the financial system. 

The new rale, which allows 
the impact of intervention to be 
offset over successive financial 
years, was met by the market 
with undisguised relief Gilt 
prices surged and, week-on- 
week, improved dramatically. 
At the short end the Exchequer 
13% 1982 firmed 1.5 per cent 
over the week (5D per cent since 
the start of October), while at 
the long end the Treasury 11% 
2003/07 finned 1-2 per cent (7.7 
per cent since October). 

The expectation in the short 
term is for gilt prices to contin- 
ue to rise. Many in the market 
believe that lending rates will 
fell again, either iu response to 
co-ordinated central bank ac- 
tion following an acceptable 
resolution to negotiations be- 
tween the US Adminstration 


real yields felling from around 
5 per cent currently to more his- 
toric levels of 2Vt to 3 per cent, 
and that will benefit gilts.' he 
says. 

But others are not completely 
convinced. The other side of the 
authorities’ current pragmatism 
is that bank rates can rise again. 
Also, the change to the fending 
role is two-edged. 

While both the change and 
the pr ospect of cuts in 
shortterm interest rate cuts are 
viewed as beneficial in the im- 
mediate future - markets will 
remain liquid and that lessens 
the likelihood of corporate foil- 
ores in the securities sector, 
while investors who switched 
early enough out of equities in- 
to gilts have had their profits 
underwritten - some market an- 
alysts are concerned over the 
longer-term implications of the 
switch in policy. 

According to Mr Paul Tem- 
perton of Merrill Lynch Capital 
Markets, assuming that the re- 
cent upward trend in the Bank's 
reserves does not alter appre- 
ciably and bank lending does 
not slow down quickly, sterling 
H3 is likely to accelerate to a 2S 
per cent to 30 per cent year-on- 


year growth rate in the coming- 
months. The wmrtfT«"g effect 
this will have on the gilt market 
conld easily outweigh any 
near-term benefit coming from 
relief about the quantity of new 
gilts to be issued,' he says. 


to more than double the consen- 
sus forecast 

It was the first tangible re- 
minder since the historic events 
in the stock market last month 
that a recession, or even a 
marked slowdown in the US 
economy, is still by no means a 
foregone conclusion. Admitted- 
ly, tee market rapidly ebook oil 
this brief episode of concern 
about a buoyant economy- Nev- 
ertheless, the sharp price move- 
ments on Friday morning were 
a warning against the excesses 
of optimistic schadenfreude 
which bond investors have been 
enjoying in the wake of the 
stock market crash. 

The most important evidence 
of over-optimism is not in the 
frequently noted “paradox' of 
bond prices rising at the same 
time as the dollar collapses. In 
truth, there is nothing paradoxi- 
cal about this contrary motion. 

The dollar and the US bond 
price have moved in tandem 
during most of this year only be- 
cause of Washington’s inexpli- 
cable determination to support 
a structure of exchange rates 
which was unsustainable in 
terms of underlying trade flown 
This policy was helpful mainly 
to America’s trading partners - 
mid even to them only in the 
I short term. For the overvalued 


dollar has entailed serious po- 
litical, as well as economic, 
costs. 

As US trade deficits and for- 
eign debts have mounted, the 
country's international econom- 
ic ■partners" have come to be 
identified in Washington as 
trade and policy ■rivals' - in a 
process of intensifying econom- 
ic xenophobia which, by next 
year’s election, could all too 
easily have run out of control. 
Now that the policy of propping 
up the dollar has been aban- 
doned, the automatic link be- 
tween interest rates and the for- 
eign exchange markets should 
have been broken. 

Tefl - e d - assuming that Mr 
James Baker; the Treasury Sec- 
retary, really meant what he 
said last Thursday - a rapid de- 
cline in the doQar could actual- 
ly be bullish for the bond mar- 
ket Once the currency markets 
start moving freely, tin lower 
the nhiibi* feii« thp smaller will 
be the risk premium required 
by dollar baud investo rs a s a 
protection against further 

Zt Is worth recalling in this 
context that the spread between 
US and Japanese or West Ger- 
man interest rates narrowed 
abruptly once the dollar started 
feiUvg from, its peak in Febru- 
ary 1885. It was only when cen- 
tral banks started . their 
heavy-tended policy of defend- 
ing tee dollar at the beginning 
of this year that yield spreads 
started to widen again, causing 
the debacle in the US bond mar- 
ket last Spring 

However, if the falling dollar 
does not pose any automatic 
danger to the recovery of bond 
prices, there is another reason 
for caution about the sndden re- 
vival of bullish sentiment 
among bond investors around 
the world. The worldwide bond 
mar ks* rally has been based on 
the assumption that last 
month’s collapse of stock mar- 
kets will trigger a recession or. 


»mt Congress on the US budget 
deficit, or, foiling an acceptable 
budget outcome, because the 
UK Government will be forced 


In the coming week, however, 
the market’s interest will be 
full-square on the US. Develop- 
ments there have driven policy 
and markets over the past week. 
News of a proposal to cut the 
budget deficit by $75.5bn over 
two yean buoyed the gilt mar- 
ket towards the close of trading 
on Friday. But perhaps it would 
be prudent to wait for an agree- 
ment. 


Cresvale recruits Lloyds 
Merchant Bank team 


BY CLARE PEARSON 


CRESVALE, tiie market maker 
specialising in equity related 
mi— i>«« recruited five 
awd salesmen formerly 


employed fay Lloyds Merchant 
Bank, which closed its bond 
trading operations In June. 

The team has been recruited 
to start op a marketing and 
dealing ope ra tio n in the Euro- 
pean equity warrants markets. 

Cresvale is best known for its 


Simon Holbertonl 


p res e nce in the Japanese war- 
ranto and convertibles markets, 

but it also makes markets in 
other Far Eastern, and US and 
UK equity related products. 

The new salesmen are Mr VIk- 
tor Boehler. who will join Cres- 
vale as a d irec t o r in the sales 
department, MS Julie Bake r and 
Mr Stephen TrezzinL Mr Bon 


Smythe and Mr Paul Blinkhorne 
wifi loin as de al e r s. 




The Royal Bank of Scotland Group pic 


£ 50 , 000,000 


8 V 4 per cent. Notes due 1994 


7,100,000 Warrants 

to procure the subscription of Ordinary Shares 


The Royal Bank of Scotland Group pic 


Swiss Bank Corporation International Limited 


Charterhouse Bank Limited 


Credit Suisse First Boston Limited 


Deutsche Bank Capital Markets Limited 


Merrill Lynch Capital Markets 


Salomon Brothers International Limited 


S.G. Warburg Securities 


New Issue 


This announcement appears as a matter of record only. 


November. 1987 


at tee very least, a sustained pe- 
riod of very sluggish p° p -tefi*~ 
denary ' economic underpep- 
fonnance. 

The feet is, however, that no 
such recession is yet assured. 
Indeed, if equity prices around 
the world were to recoverin the 
next few months, or even to set- 


tle into a solid trading range 
around their current levels, the 
impact of the stock market 


discounting a recession, since 
current price/earnin^ ratios in 
the 12 tot Iff range are sustain- 
able only on the assumption of 
flutter earnings growth in the 
next two years. 

The upshot is that if dear 
signs of recession were to ma- 
terialise within the next-, few 
months, tee stock market would 


BY DAVB GARDNER « MEXICO CfTY 
GRUPO INDUSTRIAL Alfa, the dollar. ButAlfa s discount la 


\muru inuuaiiuAu me - - — .. — 

Mexico’s biggest private hold- likely to be substantially less, 
ing company, has ceded 45 per In exchange kit this, and a 
cent of its stock to international 825m completion fee, Aifewili 


banks in exchange for their be able to clear its books of 
writing off nearly $tbn of the $920m in debt This will leave it 

M Amoidn KahMuT. writ It illot /WOT SlOZL OWM DV 


group’s 82.71m foreign borrow- with just over Jlbn, owed by 
ing, the largest private foreign Hylsa, the steelmaker which m 

rfohf in I AnoriM. Hip ffmtm’ft core WBin tSS . Still 


probably suffer another crash; 
If, on fe eother hand, the pros- 

lapse - the equity markets 
would have their revenge. 

- Considering how long in tea 
tooth the current business cycle 
has already grown, the odds 


US Treasury 
yields 


Parcent 

10 MPUMMW 

| Oct 8,19*7 


■MU,. WB'WlgCin Ifllfpn. — - . — 

debt in Latin America. the group’s core business, still 

The agreement, which follows to reschedule. 

mi — alfi, vmnPlTttl MM. 


lUCO|retilUCllt, W1UUMUUUVTO Ml ftWWMHWf 

5% years of negotiations, con- Alfa suspendedprinctpal pay- 
tatos an " innovative clause meats on its foreign debt in 


where by Alfe buys 8200m in 
Mexican-sovereign debt from its 


April 1862, and stopped paying 
about three quarters of its in- 


creditora at a price which has terest bill In August teat year, 
not been revealed. Mexican pa- when Mexico ran out of foreign 



probably favour the bond mar - 
kefs implicit forecast of an ear- 


wn. uboi icvcucu. amxvui jw „ i i* * j 

per now trades in the secondary exchange and precipitated 
market at around 53 cents on Latin American debt crisi s. 


3 9 1 2 345710 30 

months • years' 


crash on economic activity and 
inflationary, expectations could 
well prove transitory or non-ex- 
istent. 

As Mr David Hate of Kemper 
Financial Services points out, 
■the next major hurdle for the 
bond market may be the resil- 
ience of equity prices.' This ar- 
gument can be tat *" a Step far- 
ther. Current US bond prices 
are now more or less discount- 
ing a recession nextyear, for it 
is only in a recession that the 
kind of abrupt devaluation 
which seems to he envisaged by 
the US authorities could be ac- 
complished without significant 
inflationary effects. 

Stock prices, on the other 
hand, are very emphatically not 


kefs implicit forecast of an ear- 
ly recession- But whether the 
bond or' equity investors have 
the last laugh, more instability 
almost certainly lies ahead. 

• •• 

Hie following are the eco- 
nomic indicators due for re- 
lease this week, along with the 
market’s expectations, as sur- 
veyed by Money Manet Ser- 
vices of Redwood City Califor- 
nia: 

• Merchandise trade figures 
for September (Thursday &S0 
am) should show a deficit of 
314-7bn, down from 815. 7bn last 
month.The forecasts range from 
«l&5bnto$l&5bn. 

• Retail sales for . October 
(Friday 830) should be down 13 
per cent, with estimates ranging 
from minus 33 per cent to pins 
0.1 percent. 

• Producer prices (Friday 
830) should be up 03 per cent, 
with a range of Oil per cent to 
04 per cent 

• • Industrial production (Fri- 
day 9.15) should be op 03 per 
cent with a range of 0.1 per cent 
to 13 per cent 


US MONEY MARKET RATES (%) 


i coi- 


last 

FH*u 

Iwk 

*0t 

cakt 

684 

CJB 

1J* 

58* 

526 

US 

. 637 

ra 

732 

783 

737 

585 

US 

686 

785 

687 

785 

885 


ns BONO PRICES AND YIELDS (%) 
2T7 VMM 


iMk 4 (k. 
VMM am am 


■HwItaMI. 
t'MlZmt •mil.. 
r-MUnqlMMctiW. 


3S 3* s 

a/a oft 983 


1*9 Ul 
U2 mas 

MS tO 


SUJ 11 w 
MLM 1US 


NRI TOKYO BOND INDEX 


ruriniwiK mini* 

*3*r Last IZmU 26 **s 
t%) m* am am 


4.9* 13689 13542 JAMB 


Corporate Bools 

VniM0i.rnla»B«ad». 


13836 4A6 13786 13647 MUD 

137.81 5.46 137 JB 334.99 14087 

553 137-85 13565 14162 

13537 4jbO 132-12 131.62 13554 

13569 596 33517 13517 137 AQ 

136,07 6.94 13589 13627 13902 


t AnatoleKaletsky | 

FT/AIBD INTERNATIONAL BOND SERVICE 


tmwMpaiMI 



If 

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100 44k *n, 

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19 91% *6 

19 46k 0 


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DEUTSCHE BANK RMEBtl 

NATJUHTjaC. 12k 04 

WISTP4C 84W0M 12% 9(1 


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75 M5% +k 

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NtWZ£«UWlW,M 
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OBTAMO HVOKO Ilk 
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PEPSICO CAPITAL »% 






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200 41% *% 


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9 19* *W> JS BEIHMIK 12k 42-__ 

J* lUk -2 PI NHKH EXP CJtOfT 12% 91__ 

s at a sssratr 

5 3 rsssmm 

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ItaiKHriWIB IiYfcM to wk ep th i, area ^»Qritt.8 m M ii!hM i<b M B iM gdhemonafaaT»Hg9llinM9 In YnNN^a*nv»niB baton. 

FUUT1II6 MT E WTC c US JaBw nlag OWand. Hat*, 9o*f 5b-a»tt offond w far US doBes- Cpao— t 009 9 . 

aMVEKTlHX MNK US Datos i9cb tadcaud PraNHpecnaoppnNDR o( ite cant* aflndw ptac of heba tone «it At bond enr tto tint rgoO tec price. 
WAWMITlrEertyeBraae c— ctopnaW w iBin 6nmane a pHa. ao9eaBaaiaK j M «wa»|fcM Jt9a«tani9 Ififca OB6vprfceioaNOVEkn£R6 


wt% a 

32 I 

■7k 


C Rmrtt i TfcoB m 1987. BupoAutkHi !■ nfcAo bt »■ pi hi gg tew boa pnnttml wana ifttoa m um. Dm 9 W*«d ^ AmriBluu of leenaUoort Bond Deakn. 




W( 

hi< 


( 









25 





S' 

4' 


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* • 

,'V i.'; i'i 
— * . *;• • •. 

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>*■ ,** * ; 


Tlnancial Times Monday November 9 1987 


Harness the power 



V_\ 


*’ *■; 


hi» 

•>« 


Ml 


■J. *• 

m* 


time and again for their common stock financings. For the 
five years ending 31 December 1986, and the first 

three quarters of 1987, 
Merrill Lynch ranked first 
as book manager in 
both dollars raised and 
total transactions. 

These successful 
offerings result from a 
unique combination of 
our investment bankers 
expertise, our unequalled 
network of both institu- 
tional and retail distribu- 
tion, and our number one 
position in secondary 
market-making. 




worldwide, Merrill Lynch Capital Markets provides the 





of the leader 

In common stock, 


O^Mexrmi^Cap&al Markets 



Merrill Lynch 








26 


F inancial Times Monday November 9 1887 


INTERNATIONAL CAPITAL MARKETS & COMPANIES 


THIRD WORLD DEBT 


Bahrain banks may form loan company 


THE ESTABLISHMENT of a 
company to take over the Third 
World debt exposure of off- 
shore banks based in Bahrain is 
under active consideration. 

The proposal is understood to 
have the support of many senior 
bankers on the island, includ- 
ing Mr Abdullah Saif; chairman 
of the Bahrain Monetary Agen- 
cy, which supervises the is- 
land's banks. 

Mr Saif is also head of Golf 
International Bank, which Is 
owned by the seven Arab Golf 
states and one of the Bahrain 
banks with the largest exposure 
to Latin America. 

The plan, which is emerging 
from talks between officials of 
Gulf International Bank and Ar- 
ab Banking Corporation but 
which has also been discussed 
with other banks on the island, 
faces a number of hurdles be- 
fore it can be implemented. The 


accounting treatment of such a 
move, for example, has yet to be 
established. 

Problem Third World debtors 
are a headache tor the Arab off- 
shore banks based in B ahr a in , 
since they are suffering from 
the effects of a regional reces- 
sion. This has shrunk their op- 
portunities for new business 
and led to problems on loans to 
borrowers in the Guff 

The banks have been reluc- 
tant to follow Western banks, 
led by Citicorp, in making sharp 
increases in provisions for their 
exposure to rescheduling coun- 
tries. This Is partly because 
there is no tax advantage for 
them to do so - offshore banks in 
Bahrain operate without paying 
taxes - but is also because some 
of them are not well enough 
capitalised to take the toll pro- 
visions. 

The proposal, which would 


avoid the need to make these 
big provisions, would call for 
the establishment of a company 
into which the Bahrain banks 
would place their Third World 
loans and a cash stun. The cash 
sum would be to buy enough ze- 
ro-coupon bonds to guarantee 
repayment of the loan’s princi- 
pal in. say, 20 years. 

The various banks* eouity in 
the company could be adjudged 
to be the cash sum and the val- 
ue of the loans they have depos- 
ited, as determined possibly by 
the secondary market At the 
same time, they would be effec- 
tively loaning the company the 
face amount of their exposure 
to the rescheduling countries. 
The interest repayments by the 
debtors would be passed 
through to the shareholder 
banka. 

This approach suggests a 
number of potential problems. 


For on thin g, it depends rather 
heavily on the continued meet- 
ing of interest payments by the 
borrowing countries. Potential 
problems could also arise when 
rescheduling packages Involve 
the banks in granting new mon- 
ey 

GIB is known to have resisted 
participation in past new mon- 
ey packages. Its late decision to 
join the most recent package 
from Argentina was said to have 
followed political pressure 
from the US. ■ 

The banks were set up mostly 
in the oil boom of the late 1970s, 
and became active lenders to 
Latin America at that time. 
While the amounts they lent 
were often not large in absolute 
terms, for some oflhhoxe banks 
they represent a significant por- 
tion of their loan portfolio and a 
large proportion of their capi- 
tal 


Many of the banks, particular- 
ly those unlike GIB and ABC 
which are not owned by Arab 
governments, would find it im- 
possible to raise new capital 
The worst affected by the debt 
crisis of the banks is Arlabank, 
a consortium owned by 98 Arab 
and Latin American institu- 
tions. Its direct exposure of 
$Llbn at the end or 1988 was 
more than four times its net free 
capital and last year’s accounts 
were qualified by accountants 
Arthur Anderson. 

ABCs enxwure to Latin 
America is about $L25bn, with a 
torther $400m outstanding to 
other reseed uling countries. 
GIB's Latin American debt ex- 
ceeded |850m at end-1986. 

Assets of all the Bahrain. offi 
shore banks totalled $5&3bn at 

the end of Jane. 

Stephen Fidler 


Toray profits 
more than 
trebled 

By Our Tokyo Staff 

TORAY INDUSTRIES, Japan’s 
leading producer of synthetic fi- 
bres, more than trebled its prof- 
its in the six months to Septem- 
ber, mainly because of cost 
reductions and sales increases 
in its plastics and new busi n ess 
sectors. 

Pre-tax profits were up 241 
per cent to Yl&3bn (9120.7m) in 
spite of a 2 per cent decline in 
overall revenues to Y270-9bn. 
Net earnings rose 255 per cent 
to Y7.4bn and earnings per 
share were up 235 per cent to 
Y5.8L 

Toray said sales of fibres and 
textiles dropped 7.8 per cent to 
Y1 60.9b n, due mainly to a re- 
duction in exports. 

However, sales of plastics 
rose 5.1 per cent to Y78bn, 
reflecting steady demand for 
the group’s engineering plas- 
tics. 

The company forecast that its 
pre-tax profit for the toll year 
would reach Y33bn, more than 
double last year’s Y 16.7b a. 

• Toyoda Automatic Loom 
Worts, the textile machinery, 
car assembler and industrial 
equipment maker, lifted pre-tax 
profits 7 per cent-to Y8.6bn in 
its first half to September. 

Sales were up &4 per cent to 
Y2,17-L3bn. 

Assuming an average dollar 
rate of Y140 in the second half, 
annual sales are projected to 
exceed Y340bn, 


Citicorp in rival offer 
for near-bankrupt FCA 

BYANATOLEKALETSKYMNEWYORK 

CITICORP, the leading US com- 
mercial bank, has offered to buy 


Financial Corporation of Amer- 
ica, the near-bankrupt holding 
company for the biggest US 

thrift institution, which is at 

present controlled by the Fed- 
eral Home Loan Bank Board. 

The Citicorp offer will com- 
pete with a bid made in Septem- 
ber by First Nationwide Bank, 

While no details of either bid 
have been disclosed, both are 
thought to involve substantial 
capital injections, estimated at 
anywhere from 9L5bn to $4£bn. 


Bidders for FCA are also like- 
ly to require that most of the 
company's bad loans be 
stripped oat of its books and re- 
tained by the federal authori- 
ties. 

The home loan board, which 
will determine whether to ac- 
cept either of the offers current- 
ly on the table or to opt for a 
proposal put forward by FCA’s 
own management, is likely to be 
motivated mainly by the size of 
the bad debt portfolio which 
will be left is government 
hands after a takeover is com- 
pleted. 


Robert Maxwell mulls 
Bell & Howell purchase 


BY OUR NEW YORK STAFF 
MR ROBERT MAXWELL, the 
British publishing and printing 
magnate, has said he would be 
interested in baying Bell & 
Howell, the Illinois company 
which was once a leading manu- 
facturer of motion picture 
equipment and now publishes 
textbooks, operates computer 
data bases and provides mail 
processing and information 
storage equipment 
Bell A Howell has been sur- 
rounded by takeover specula- 
tion since early this year when 
it was disclosed that the Bass 
Brothers of Fort Worth owned 


15.9 per cent of the company, 
while Macmillan, the large US 
publishing house, held a stake 
oF7.7 percent 

In comparison, Mr Maxwell’s 
present shareholding is minor, 
at 23 per cent.- However, he said 
in a letter delivered to Bell & 
Howell on Friday night feat he 
was considering buying 50 per 
cent or more of the company 
and had applied to US antitrust 
authorities for the clearances 
required. At Bell A Howell’s 
closing price of 055M on Friday, 
the whole company would cost 
around |800m. 


NEW INTERNATIONAL BOND ISSUES 


Borrowers 
US DOLLARS 


Am rant Ar. Of* Coupon 

m. Maturity years % 


Price' 


Book muter 


Offer yield 

% 


Flash lit* 

Kusalfis Osaka Puntidt* 
Sprint lilt* 

Austria* 

NEW ZEALAND DOLLARS 

35 

50 

30 

250 

1992 
1990 
1992 ; 
1990 . 

5 

3 

.'5 

3 

I 

19930 Sanwa lot 
.10035 YamdcW Int. 

10030 FaBJntFiaiKC 

180% CSF8 

8354 

Snwa Atu. Leatiogt* 

DEUTSCHE MARKS 

50 

1992 

5 

M 

10030 Sawn tot 


EIB* 

300 

1995 

7V 

6% 

100 Deutsche Bank 

6244 

Deutsche Flu. Curacao* 

SWISS FRANCS 

500 

1993 

5%. 

5* z 

100 Oeutscfee Bart 

5.494 


Continental HnHWfl} 
Nakfa Cerp.* 
Brioinm*** 

Belgium*** . 

Fidelity & Guaranty 

Norses Korn mo oaf bank* 
Wertd Bank* 

Worm Bank* 

Cfadtur Electric Power* 
Privathaaken* 

HZI Finance*** 

ECU 


loo im 

75 1992 
. 75 1991 
120 1997 
60 1997 
100 1994 
100 1997 
200 1992 

« 1991 

150 1994 


5% 99.75 Nordfinanz-Baok 

4% 200*3 kmGettw* 

4% lOOfe Credtt Suisse 

*5% m Bm BatzariSer KJL 

5 100 SBC 

5M 99.75 SBC 

5 100*2 UBS 

4**' 100 Kretnrihaafc 

5*8 99.75 UBS 


5375 

4.721 

4J90 

* 

4.996 

5.000 
5.283 
4.885 

4.000 
5068 


EEC* 

YEN 


50 1994 


7% 97.25 Morgan Guaranty 


8.156 


Cregemt* 

Tokyo Electric Powert* 
African Dev-Banfc* 
ENELt* 

STERLING 


15hu 1992 
GObn 1992 
15fea 1992 
lOhn 1992 


10025 LTCB lot. 
10030 Nomura lot 
10135 Nomura lot 
100L10 Human taL 


5400 


Investors In HiAutiyt * 
Commute Banodre* 
Ford Credit FurnSnt* 
World Bank* 

BANISH KRONER . 


125 1994 
50 1992 
50 1992 
150 2007 


7 

5 

5 

20 


(e) 

10 

95* 

9* 


100 Wariwrf Secs. 
101% Kfchnmt Benson 
101 % Wartwj ^Secs. 


-9344 

9333 

9.711 


FJJL*** 

City of Vienna* 

LUXEMBOURG FRANCS 


300 1991 
350 1994 


4 

6% 


U 

11* 


100* ChaoenHa utfckt* 
101% Spatekanen SOS 


10379 

10.967 


ASLK/CGER*** 

IIIK Oatokantmf*** - 

ttjs&Sast 

taw priae ate. (% mv 


300 1992 
300 1992 


7% 

7% 


1100 % Den Monk* Cndtt Bit 

■l0O% Kansafib tat. Lax. 

•VHMte WiMrt . * n ra him tCmn tma ifat wi i i iifaii . C«H5 Ip Ww fan f 
cQS tosbavc the jMi«( U var (KTMMMT 
(OMfe *n* faa L» m. ti3Pvnmn< Mm* jM* « 


7326 

7.719 


Burlington sells denim plant for $205] 


BY RODERICK ORAM M NEW YORK AND BOB 


If MONTREAL 


BURLINGTON INDUSTRIES, 
the US textiles group taken pri- 
vate last summer by a group of 
investors led by Morgan Stan- 
ley, the Wall Street investment 
bank; has announced Its first as- 
set disposal 

It has agreed to sell its denim 
plant in Erwin, North Carolina, 
to Dominion Textile of Canada 
for US$205m. Burlington will 
continue to make denim at two 
other US plants. 

Dominion Textile, which said 
it is considering buying other 
Burlington assets, had joined 
Mr Asher Edelman, the New 
York investor, in an abortive at- 


tempt to thwart the 9L10bn le- 
veraged buyout led by Morgan 
Stanley and including Burling- 
ton’s senior executives. 

Burlington said it had 
avoided the problems that some 
other heavily indebted buyouts 
bad encountered following the 
stock market collapse last 
month. Some are finding it har- 
der to mate the necessary asset 
sales at acceptable prices 
needed to service their debt. 

It announced in late October 
that sales for its 1987 year had 
risen 18 per cent to a record 
$33bn. Cash flow from 


operations, defined as operat- 
ing earnings before interest and 
taxes pins depreciation and 
totalled w»ip» 
8350m, up 35 per cent 

The company does not need to 
sell assets to meet its financial 
obligations, an official said. 
"The business is going very well 
Of course we are going to be op- 
portunistic arid divesta number 
of properties. We got more than 
we anticipated for the denim 
plant” 

Dominion Textile expressed 
satisfaction with the deaL 
■We’ve got one of the crown jew- 
els,” an executive said. 


Swift Textiles, Domtex’s exist- 
ing US denim producer, based 
in Georgia, win take the Erwin 
under its wing, doubling 


Its payroll to 2300. Domtex first 
moved |Hfa> the US j*niM mar , 
feet in 1975 with acquisition of 
DHJ Industries, and has made 
further takeovers since then. It 
win now be a major factor in 
the ma rket. 

It is also expanding in Indus-' 
trial products in the US, buying 
a propylene-based woven fob- 
lies and lightweight noo-woven 
frhniy op e ra tion in Virginia 
for USglSOm. 


I nndliiuf on Business in the Netherlands? 


Enjoy reading your compl u ncnt ai y copy of die Financial Times when you’re staying — 

. . . in Amster da mat the . . .in Rotterdam at the 

American Hotel, Hotel Apollo, Garden Hoed, HRtooHotd 

HBtou Hotel Marion Hotel Sonata Hotel . . . in Scheraningoi at 

Victoria Hold. Poeten Crest Hotel , the Kurhaus Hold 

Sdupbol Hilton Hotel 
Crest Hotel 
Aacot Hotel 


FINANCIAL TIMES 



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... - : . . j - \ . 

AU t he se s ec u rities kavnj> been sold, dm 


appears as a matter of record onht. 


. October. IVN7 



C. Itoh Fuel Co., Ltd. 

(Itohchu Nenrvo Kabushiki Kaisha) 

(Incorporated with limited liability under the taws of Japan ) 

U.S.$50,000,000 

3V4 PER CENT. GUARANTEED NOTES DUE 1992 WITH WARRANTS TO SUBSCRIBE FOR 
SHARES OF COMMON STOCK OF C. ITOH FUEL CO., LTD. 

unconditionally guaranteed as to payment of principal and interest by 

The Sumitomo Trust and Banking Company, Limited 

(Sumitomo Shiniaku Cinko Kabushiki Kaisha ) 


ISSUE PRICE 100 PER CENT. 


Hie Nikko Securities Co., (Europe) Ltd. 
New Japan Securities Europe Limited 


Credit Suisse First Boston Limited 
Deutsche Bank Capital Markets Limited 
Goldman Sachs International Corp. 
Kyowa Bank Nederland N.V. 

Morgan Stanley International 
Nomura International Limited 
J. Henry Schroder Wagg & Co. Limited 


Daiwa Europe Limited 
DKB International Limited 
Kleinwort Benson Limited 
Morgan Grenfell & Co. Limited 
Nippon Kangyo Kakumaru (Europe) Limited 
Salomon Brothers International Limited 
Sumitomo Finance International 


Sumitomo Trust International Limited 


4 


\ 

\ 





Financial Times Monday November 9 1987 


^uncement appears as a matter of , ec “ 


r EURO 

LTUNNEI 






■■**7 


•— « *rrr 




c v.-Vji'fc.. c 
**•=!«* 

* 1 <*11 


» mrruz ■'• 


/ £2,600 million, FF21,000 million and US$450 million \ 

g Project Finance Credit Facilities \ 

f in Loans and Letters of Credit \ 

t for construction of the \ 

t Channel Tunnel ’ 

r Arranging Banks 

Credit Lyonnais National Westminster Bank PLC 
Banque Nationale de Paris Midland Bank pic 

Banque Indosuez 

Underwriting Banks 

Banque Indosuez Group Banque Nationale de Paris Credit Lyonnais Midland Bank pic National Westminster Bank PLC 
Amsterdam -Rotterdam Bank N.V. Arab Banking Corporation (ABC) Banca Commerciale Italians 
The Bank of Tokyo, Ltd. Barclays Bank PLC Group BayerischeVereinsbankA.G. Credit Agricoie Citibank, N. A. 
Commerzbank A.G. Deutsche Bank A.G. Dresdner Bank A.G. The Industrial Bank of Japan, Limited Lloyds Bank Pic 
Thef-ong-Term Credit Bank of Japan, Ltd. The Sanwa Bank, Limited/Sanwa International Limited 
Secyit^ Pacific National Bank TheTokai Bank, Limited Union Bank of Switzerland CreditSuisse 
The Dai-ichi Kangyo Bank, Limited The Daiwa Bank, Limited The Fuji Bank, Limited Generate Bank S.A./N.V. 

The Mitsubishi Bank, Limited The Mitsui Bank, Limited Banque Arabe et Internationale d’lnvestissement 
Den norske Creditbank Group Hessische Landesbank Girozentrale Kredietbank International Group 
The Mitsubishi Thist and Banking Corporation The National Bank of Kuwait S.A.K. The Saitama Bank, Ltd. 

The Taiyo Kobe Bank, Limited Westdeutsche Landesbank Girozentrale The Bank of Nova Scotia 
Canadian Imperial Bank of Commerce (International) S.A. Credit National NMB Bank The Nippon Credit Bank, Ltd. 
Standard Chartered Bank The Sumitomo Bank, Limited The Yasuda Trust and Banking Company, Limited 
; Banque Internationale a Luxembourg S. A. BIAO-Afribank AL UBAF Banking Group 

Senior Managers 

Kreditansfatt fur Wfederaufbau Moscow Narodny Bank, Limited DG BANK INTERNATIONAL S. A. S.N.C.I.-N.MXN. Banque Federative du Credit Mutuei 

Banque Fjrancaisedu Commerce Exterieur Credit duNord . Credit Industrielet Commercial de Pads ... 

— - Banque^inmercialepouFiL’EuropexluJSIordXEUROBANK) . . . Union Bank of Nonway Arab Bank, Limited ASLK-CGER Bank Banco di Napoli 

Bank of China (London and Paris) Banque de I’Union Europeenne Consorzio di Credito per le Opere Pubbliche - CREDIOP 

Credit Communal de Belgique S. AVGemeentekrediet van Beigie N.V. EFIBANCA S.p.A. Girozentrale und Bank der osterreichischen Sparkassen AG 
ITie Hokkaido Takushoku Bank, Limited The Kyowa Bank, Ltd. The Mitsui Trust and Banking Co., Ltd. Groupe Societe Generate 

Swiss Bank Corporation TSBGroup 

Managers 

Banca Popolare di Milano Banco de Bilbao Banque de la Societe Financier© Europeenne Bayerische Landesbank Girozentrale 
The Chuo Thist and Banking Company, Umited Creditanstalt Bankverein Genossenschaftliche Zentralbank AG Kansailis Banking Group 

The Royal Bank of Scotland pic Union Bank of Finland Ltd. 


*’ Senior Co-Managers 

BACOB Savings Bank S.C. Banco Hispano Americano Group Banco di Sicilia Group Bank of Scotland 

Banque Regionale d'Escompte et de Depots (BRED) Berliner Bank A.G. Caisse Centrale des Banques Populaires Cassa di Risparmio di Torino Gotabanken 
. The Hyakujushi Bank, Ltd. ICCRl-lstituto di Credito delle Casse di Risparmio Italians Osterreichische Landerbank Royal Trust Bank 

Co-Managers 

Alahii Bank of Kuwait KSC Cie BTP-Rnance/Bahque du Batiment et des Travaux Publics Skandinaviska Enskilda Banken The Ashikaga Bank, Ltd. Banco di Santo Spirito 
Bank fur .Gemeinwirtschaft AG The Bank of East Asia Umited The Bank of Yokohama, Ltd. Banque Cantonale Vaudoise Banque Demachy et Associes Paris 
Banque Generate du Luxembourg S A Banque de Neuflize, Schlumberger, Mallet Caisse cTEpargne de I’Etat du Grand-Duche de Luxembourg/Barique de I’Etat 
Caisse d’Epargne Geneve The Chiba Bank, Ltd. Citic Industrial Bank The Commonwealth Bankof Australia, Umited Credit Chimique Den Danske Bank 
Deutsche Girozentrale-Deutsche Kommunalbank DBS Bank ■ Electro Banque The Hachijuni Bank, Ltd. The Hokkaido Bank, Ltd. The Hokuriku Bank, Ltd. 

FBAB Bank International Hamburgische Landesbank Girozentrale Investors in fndustry PLC Kuwaiti - French Bank RiyadBank 
The Rural and Industries Bank of Western Australia Sparkassen SDS Swiss Cantobank (IntemationaO Swiss Volksbank The Toyo Trust and Banking Company, Umited 

Participants 

Banca del Gottardo Banco Exterior Group Bahrain Middle East Bank (EC.) Bank Leu Ltd. Die Erste Osterreichische Spar-Casse- Bank Banco Arabe Espanol S A The Bank of Fukuoka, Lid. 
The Bank of Hiroshima, Ltd. B. Metzler, seel, Sohn & Co. KGaA The Nippon Trust Bank, Limited Al Saudi Banque Zentralsparkasse und Kommerzialbank Allied Irish Banks pic 

Baden Wurttembergische Bank AG Badische Kommunale Landesbank Girozentrale Banca Credito Agrario Bresdano Bankfur Handel und Effekten The Bank of Kyoto, Ltd. Credit CooperaHf 
Banque Hervet Banque Industrielle et Mobiliere Privee Banque Petrofigaz Banque Sudameris France Banque Worms Bergen Bank AS. Cassa di Risparmio di Genova E Imperia 
C^sa di Risparmio di Verona Vicenza EBelluno Cera Spaarbank . The Chugoku Bank, Limited . Copenhagen Handelsbank AS. Credit Fonder de France Credit Naval Credito Romagnolo 
L’ Europeenne de Banque Fico France Robert Reming & Co. Limited Fbkus Bank AS. Gulf Riyad Bank EC. The Gunma Bank, Ltd. International Bankers Incorporated S A 
The lyo Bank, Ltd. The Joyo Bank, Limited Sal. Oppenheim JretCIe Postipankki The 77 Bank Limited The Shizuoka Bank, Ltd. Societe de Banque Ocddentale 

L The Sumitomo Trust and Banking Co. Ltd. Trinkaus & Burkhardt (International) S. A UBAE Arab German Bank SA Deutsche Verkehrs-Kredit-Bank AG 

The Bahraini Kuwaiti Investment Group The Bank of Kuwait and the Middle East K.S.C. Bankhaus Hermann Lampe Kommandrtgesellschaft Credit des Bergues 

. . c Banque Belgo-Zalroise SArBelgolalse Banque Intercontinentale Arabe Banque Nordeurope S. A BankUCLSA FennoScandia Ltd. A 

Forsta Sparbanken OKOBANK Saudi European Bank S. A. SKOPBANK Vofksdepositokas N.V. Savings-Bank M 

Agent Banks W 

National Westminster Bank PLC Credit Lyonnais M 

Banque Nationale de Paris Midland Bank pic f 

Paying Banks 

International Westminster Bank PLC Credit Lyonnais 

' Co-Financing Agreement 

. . ■ . European Investment Bank 

will finance up to the equivalent of £1,000 million 
as part of the total project facilities 


4th November 1987 


■-"T-tal .if* 


. UK COMPANY NEWS 

Fiona Thompson looks at the change of strategy by Coloroll 

Not a fashionable time for US growth 


*It was like the relief of Mafek- 
ing,” said John Ashcroft, chair- 
man and chief executive of the 
home furnishings group Colo- 
roll, speaking from bis car tele- 
phone an the drive back to Man- 
chester from Derby. 

Hr Ashcroft went to the Derby 
Assembly Rooms last Thursday 
to address the 380 strong work- 
force of Denby Stoneware, part 
of tbe Crown House group 
which was acquired by Coloroll 
in April. The session had gone 
extremely well, he said. The 
problems at Denby were obvi- 
ous. It had been selling the 
wrong product at the wrong 
price to the wrong people. Colo- 
roll would see them right. 

John Ashcroft, 39 on Christ- 
mas Eve, is not a man to express 
self-doubt, even after he's done 
a 180 degree turn. After spend- 
ing £150m buying nine compa- 
nies since January 1986, he sur- 
prised the City last week by 
announcing a freeze on acquisi- 
tions. ___ 

Many other companies have 
put individual deals on ice 
since the stock market crash, 
but Coloroll is the first of the 
highly acquisitive companies 
which have risen on the back of 
the bull market to say it is mak- 
ing such a radical change of di- 
rection. _ 

The acquisition strategy had 
served Coloroll well, enabling it 
to branch out from wallcover- 
ings and matching fabri cs in to 
earthenware ceramics, crystal, 
carpets, pillows and quilts, and 
see profits rise from £&2m last 
year to £KX3m this, on sales 89 
per cent stronger at £1 15.2m. 

In tandem with its new action 
plan, the company last week re- 
ported interim profits for the. 
1987/88 year three times ahead 
at £11 .2m on £1 24.4m sales. City 
analysts are forecasting £28m 




■ *. 






Mr John Ashcroft (on far right), chairman and chief execute :® f 
Coloroll, with his management team (left to right) Bill Dobie, 
Frank Martin, andPml ip Green, meet the Denby workers. 


profits for the fall year to March 
31,1988b 

Prior to the crash, the compa- 
ny’s long-term objective was to 
build up a UK/US axis with up 
to 60 per cent of earnings com- 
ing from the US. 

The long term strategy is still 
in place,” said Mr Ashcroft. 
This is just a holding phase. We 
want to develop a strong home 
fashion group in the UK and the 
US. But there are smarter times 
to get Into the US than now.” 

Coloroll's much-hinted at, and 
now shelved, next move across 
the Atlantic would have meant 
an increase from 20 per cent to 
.over 40 per cent of earnings 
coming from the US. Instead, 
John Ashcroft said last week, 
•we were lucky. It was like musi- 


cal mats. When the music 
stopped we were on the mat” 

Coloroll will reconsider its 
ban on acquisitions, he said, on- 
ly when there is renewed confi- 
dence in the UK stock market - 
particularly by underwriters, 
when the exchange rate is less 
volatile, and when there are 
signs that the worst is over for 
the US economy. 

For the moment it Is all hands 
to the UK pump. The plan of ac- 
tion is five-fold: to eliminate all 
glaring . Improve cash flow, in- 
vest in areas of strong growth, 
launch a low cost diversifica- 
tion strategy and improve mar- 
gins. 

A gearing level of 30 to 40 per 
cent has long been one of Colo- 
roll’s five minimum perfor- 
mance criterion - along with 10 


per cent return on sales, 25 per 
cent return on capital, 20 per 
cent annual earnings per share 
growth and 10 per cent annual 
dividend increase - but the aim 
now is to eliminate all gearing 
within 12 months. 

The halt on purchases - and 
the consequent reorganisation 
and building work - will hold 
next year’s capital expenditure 
at between flOmtoOSm, sharp- 
ly down from this year’s £22m. 

Keeping less stocks will Im- 
prove cash flow, providing more 
funds for investing in three 
strong growth areas: textiles, 
foam vinyl wallcoverings in the 
UK, and strip pable wallcover- 
ings in the US. 

The diversification plan will 
Include lighting (using ceramic 
bases), upholstered furniture 
and giftware. 

COloroll has always believed 
in maximum employee involve- 
ment - its 6,500 employees re- 
ceive team briefings once a 
month in groups of 10 or 20; 
■Blow are we doing* boards are 
on all the factory floors - and 
employees are at the heart of its 
bid to improve margins. In Jan- 
uary, the company will launch 
‘Quips 4 , quality improvement 
programmes, to eliminate waste 


treatise written by the victor of 
Mafeking Lord Baden-Powell - 


■By this we will be saying to 
investors ‘Watch this space*, 
and to employees “it’s time for 
cleaning kit, doing drill',” said 
Mr Ashcroft. His frequent use of 
slogans Is folly intentional, Co- 
loroll speaks a language new 
management members fail to 
pick up at their periL 
John Ashcroft's style is man- 
agement by metaphor, Colo- 
roll 's Blue Book his statement 
of the company's philosophy 
and culture. While highlighting 
a n umb er of sensible manage- 
ment practices, it has to be said 
that parte of It smack of that 


■Be prepared * heads Colo- 
roll's 22 point guide to success- 
ful negotiation . *Dont picnic in 
the jungle”, managers are en- 
treated, a nice niche carved in 
the market is never safe. Bosses 
must not 'strut and tat", but 
rather wander on - site every 
Monday morning and Friday af- 
ternoon to with the troops. 
■A business doesn’t need too 
many intellectuals". Charts and 
structures, like management, 
should be lean, mean and hun- 
gry. No fat cats” please. 

- In recent years- the company 
has made much of its 20 per 
cent growth target Despite the 
ban on acquisitions, Mr Ash- 
croft claims It is still in the 
script 1 . However, there must fie 
strong doubt whether it . can be 
attained purely on organic 
growth. 

A decision will be made be- 
fore the financial year-end on 
whether or not to hold on to the 
strategic stakes built up izt take- 
over targets, for which the com- 
pany has set aside £4.6m against 
anticipated losses, especially 
for those in the US. 

Coloroll's radical change of 
direction cannot but beg the 
question - is it a sign of clear 
management decisiveness or is 
it playing to the gallery? John 
Ashcroft’s many supporters In 
tbe City would see it as the for- 
mer and the man himself is con- 
vinced Coloroll has made the 
right decision. 

Tt is the perfect opportunity 
to-fhnnel back action into the 
business. We may joke about 
slippers next to the boardroom 
fire nut no one seriously thinks 
that is what we are going to da 
We want to be the hugest home 
fashion group In the world. The 
strategy is in place.” 


Moufltleigh 
in Stockley 
Park sale 
talks 


ByNMdTaR 

Meuntieigh, the aggressive 
property company which took a . 
predatory interest In retail gt; 
ant. Storehouse, over the sum- 
mer, yesterday confirmed that It 
has been discussing the possi- 
ble sale of its Stockley Park de- 
velopment with Phoenix Prop- 
erties & Finance, a much 
-smaller property group. Any 
deal, however, would be subject 
to funding. 

Stockley Park was acquired 
by Mountleigh as part of its 
£365m takeover of the Stockley 
group in May, and constituted 
one of the acquisition's three 
principal developments. The 
360-acre site lies a couple of 
miles north of London’s Heath- 
row airport, close to the M4 and 
the business park Itself occu- 
pies 90 acres. 

Moontleigh, however, is rek- 
nowned as a "break-up" special- 
ist - *gn«*ing to split up and sell 
on the various elements of the 
companies it acquires. 

Phoenix - a fbrmer tLn-mining 
operation which turned 'proper- 
ty investor in 1980 - has seen a 
number of changes recently. In 
June 1986, Profesor. Boland 
"Smith became chairman - be- 
fore stepping down again after 
twelve months - and the follow- 
ing mouth Mr John Duggan was 
appointed chief executive. In 
July this year. Phoenix made an 
agreed £40mbid for Irish prop- 
erty group, Bohan. Its current 
market capitalisation is under 
£14iit 


Financial Times Monday Nowembef 9 4987 

Brokers silent on 
BP underwriting 


BYNBOaTAIT 
CITY stockbrokers, Hoare Gov- 

ett, were yesterday remaining sub-underwnter had paid m 
tight-lippsd about reports that fall was o little too exacts 
rfi Insurance group, the Aus- OveraH, he$aid,£be ijjsue-as 
t ra Hun company headed by Mr far as Hoare Govett was con- 
Larry Adler, had yet to meet cenied - had bce J® 
sub-underwriting payments on had gone ’very 
the £7.2bn BP issue. brokers, he said, were quite 

Hoare Govett acted as lead confident that all momes woald 
brokers in the issue and is be received: Tt is quite remark- 
thought to have arranged a 100- able that the actual cash has all 
string sub-underwriting syndi- moved - these are massive 
cate operations.” 

Tbe brokers said that they j N. M.RothschUd, the 
.could sot discuss the involve derwnter on the issue and the 
ment -of individual names on Governments 
their sub-underwriting list felt ftwouWbeinapiaupnateto 
However, Hoare Govetfs fi- make any comment on the poss^ 
nance director. Mr Peter Jenks, ble position of FAJ or on Hjwre 
added that a suggestion in tfrs 's area ofresgoombiji^- 

Company News in Brief 

MUST&HUN Group (publisher) BRADFORD PROPERTY Trust's 

has signed agreement to ac- brokers, Alexander Laing 
quire illustrated non-fiction Cruickshank, boughtlODOO 
book group from Elsevier Boe- Bradford ordinary on Thursday 
ken for FlL2m (£360.000). New at £5 and 40,000 yesterday at 
business expected to produce £4B0,ferredemrtioa 
sales of £2m in foil year. CATALYST COMMUNICA- 

BETEC has completed tbe in- HONS Group, marketing com- 
tra -group repurchase of the pany, is buying Chris Party Pro- 


uu^iuuu icpuiureiro wi ; — “ ~ 

3 RBtn ordinary shares held by motions for a maximum of cam. 
its wholly-owned subsidiary. An intial payment of £686,666 
Clayhithe Investments. Those will be satisfied by £100,000 
shares will be cash and the balance in snares. 

BOARD MEETINGS 


Neil & Spencer deeper in red 


PRE-TAX losses at Neil & Spen- 
cer Holdings deepened in the 
six months to May 31 1987. The 
first half loss was £585,000 com- 
pared with £81,000 and £lD7m 
in the year to November 30 1986. 

Group turnover was down 
from £l&39m to £11.61m. There 
was an operating loss of £95,000 
against profits of £551,000, and 
interest took £490.000 (E635L0Q0). 

The directors said that group 
performance, at operating level, 
was generally in line with ex- 
pectations, although the results 
of the distribution companies 
were affected by delayed deliv- 
eries from group factories. 

Present indications were that 


the shortfall should be made 
good before the end of the year. 

The first half was dominated 
by the development of a group 
rationalisation plan involving a 
series of major asset disposals. 

The group now comprises 
three manufacturing and two 
distribution companies - the 
group's interests are in dry 
cleaning, laundry and textile 
machinery. 

Neil and Spencer limited 
continued to be the principal 
concern to the group. A new 
management team has been re- 
cruited and the severe cash re- 
straints, which bedevilled pro- 


duction In tile past, have been 

ea After tax of £36,000 (£103400) 
there was an extraordinary deb- 
it of £436400, attributable to the- 
restructnring programme. 
Losses per lOp share were 2£p 
compared with 0.7p and 74p at 
tte previous year end. 

As a result of trading losses in 
the first half; further extraordi- 
nary items arising from the ap- 
proved asset disposal pro- 
gramme and adverse currency 
movements on the reserves at 
November 30 1886, net assets 
have fallen below half the nomi- 
nal value .of the company's 
called up share capitaL 


Martin Ford reduces its 
interim loss to £206,000 


11 facing 
legal action 
in the US 


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Hbfitam Eraai M imant Aoductton Servian. 

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CML Microsystem* 

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PKcadUy Radio — 

Ranks HovteMcnnim-" 


THE CONSIDERABLE im- 
provement in the fortunes of 
Martin Ford, property invest- 
ment and development 
menswear retail, reflects solely 
the trading results of Barrie 
Menswear and the central costs 
of the group. 

Acquisition of Sellar Morris 
Developments, Take Six and the 
property portfolio were ac- 
quired after the period covered 
hy the interim results. 

The company is still in the 
red, with a pre-tax loss of 
£206,000 for the 28 weeks to Au- 
gust 15 1987 but this compared 



! Sljftl 






with a loss of £1. 14m for the 28 
week period ended June 1 1986. 
And there was an operating 
profit of £103,000 this time com- 
pared with a loss of £L14m pre- 
viously. Central costs of 
£308400 were incurred. 

Losses per - lOp ordinary, 
which have moved down from a 
Poll listing to the USM, were 
~ft83p (6.89p loss). There was a 
tax credit of £72400 (£67400) 
and an extraordinary credit of 
£L75m (£312400 debit), compris- 
ing primarily the surplus on dis- 
posal of *Stage'. 

Mr Ronnie Aitken, chairman, 
said that Sellar Morris is trad- 
ing at a level exceeding expec- 
tations at the time of the acqui- 
sition and the business of Take 
6 has been integrated with Bar- 
rie Menswear and the ’Revi ew’ 
concept adopted by BarrieTias 
been well received and is gen- 
erating good results. 

Mr Aitken said the company 
was in sound financial health 
with substantial cash resources. 
He looked forward with confi- 
dence to the results for the peri- 
od to April 30 1988 and said it 
was the intention to restore div- 
idend payments in respect of 
that period. 


With shareholders set to for- 
mally veto foe proposed 6144m 
(£86m) acquisition of US-based 
Bundy group at an extraordi- 
nary general meeting later to- 
day, British engineering engi- 
neering company, TL is steeling 
itself for legal action in the 
States. 

The company said yesterday 
that it has not yet received any 
formal notification of the com- 
mencement of any legal action 
In the US, but concedes that 
lawsuits are likely. 

TI is recommending share- 
holders not to proceed with the 
Bundy deaL The decision fol- 
lows the sharp downturn in fi- 
nancial markets and the cur- 
rent .uncertainty . which 
overhangs both the American 
and world economies. Accord- 
ingly. TI says it can no longer 
justifr the $40-a-share offer 
which , it was making for the US; 

mfialf fliarrwfijr tn Ping nmnnfti g- 

turer, and its adivsers - 8. G. 
Warburg and Morgan Stanley - 
have refosed to renew advice 
that the acquisition represents 
■fair value” at that price. 

Shares in Bundy fell sharply 
on news of TU's propsective 
withdawal - down from over $38 
to 920 within hours. Ahead of 
the deal they were trading at 
around $28. 


PENDING DIVIDENDS . 

Dates when some of the more important company dividend 
statements may be expected in the next few weeks are given in the. 
following table. The dates shown are those of last year’s an- 
nouncements except when the forthcoming board meetings (indi- 
cated thus •) have been officially notified. Dividends to be 
declared will hot necessarily be at the amounts in the column 
headed 'Announcement last year.” 

Mnxrce- _ Announce 


anz.. won 17 

ASM Lyons — Dac 1 

Am cnfra m NOv 9. 


1 BET NWSD 

•'BOC „___Nov 12- 

* BPS Ms __ Mar SB 

* BASS DSC 3 

* fiMCtoni Nov 19 

* Boots New 18 

Hiring - .-Man Ptl 

Cabto&WtaL~.Nw£D 
Chiller Cora — D bcTo 
C ounmAJs- — Nov 26 

* Dawson HI Nov 26 

DaeCtxp Dec 11 

* OoLaRue Nov 10 


__Nov.il- 

;_Oaeit 


Grew pro. 

-.EsUm, 

■ GUS_, 

HnUprfJ — 


«%W ISO ■ 

irtwtmae 
kiwknza ■ 
tmarim 3.1 
trtnrtm 335 
Hanmao 
nraH.«2 

teertm 45 

S3U?ia» 

SMurtnaa 
RnN 4.1 
tneonm ZM 
Interim 4.0 
Marini 24 
Irrtenm 2.1 
Interim 3.0 
tmertm 2.75 
Marini 1,6. 

- Mirim 85 - 
MsnmaO * i 

SS^a-.^ 

ilWritn 1.75 


Harwor Trust— Dec « 

* KwfliSM Nov 25 

* LandSaeur. — Nos 11 
Lws»nM___Nov 18 

MEPC New 26 

Maorwl Nov 26 

* Motet Box __ Nov 10 

■ Meyer Ml Nov 17 

tSow Dec 9 

•• Ncrihein Ftls._ Dec 9 

Rott*nw»M_Ncw 21 

* 600 Group, Doc 3 

Saetcht Doc 4 

SanaOuryJ — Nov 11. 

■ SHtmindB — Now 11 
Storeriousa — Nov 13 

irSSJa 

Vanx Decs 

Nov 12 


Final a6S 
Final 4 S 
Mown aa 
tmorte 1.25 
FkiNBS 
Marima2 - 
interim 17 
Marira 3.0 
Interim ao 
tetenm 4 25 
FVMSJ25 
FM48 
IntBitm 2S 
teterim 2M 
Final 8B4 
Interim a<>5 
Fkud 3.37 
Interim 23 
Final 150 
Warm 5.0 
Final 7.0 
ktefimAS 
Final 832 
Interim <33 
Final due 
Wartm as 


SPONSO.RED SECURITIES 

ttpttal testa Change Grass Yield 

BXKTs Company Price an writ dlv.lpl % P/E 

6,740 Ass. Brit. ItaLOrdtaavy _____ 200 - -1 8-9 43 75 

— Ass. Brit. ted. CULS 200 -1 10.0 5 j0 — 

800 - Anniiage and Rhodu — 32-0 4J2 133. 45 

4J40 B88 Design &txtp< USM) SOW -19 2J.44. 8J> 

107^72 Button Grasp — 169 -10 2.7 16 282’ 

9,543 Bray Technologies - 165x0 -7 4.7 28 138 

938 CCL Grasp Ordinary — 268 -2 118 43 6.9 

1888 CCL Gram Upe Com. PC. 135 -5 15-7 118 — 

2Q332 CarboraathH Onflaaiy 159M -9 3 j4 3A 138 

728 Carimvnduta78pcPr. 104 4-2 10.7 103 

Z.9X5 George Blair 15M -10 37 23 4J 

78« Isis Gimp 96 -7 — — — 

to207 Js rtao nCrnrai — - 98 -6 3.4 38 108 

24,953 MMHboose NV (AmstSE) ___ 320 -60 — — 12.7 

17800 Record Holdings (SE) ______ 70 -12 OJ — 144 

3878 Record Hldgv lOpcPf. CSE) 114 0 144 12.4 — 

612 RotaiUsoKtes- 60 O — — 28 

5880 Scrattom I 124m O 58 4.4 4.9 

5,994 Tortfay and Carl Isle 211 -9 68 3J 102 

2V41Q Trevlaa Htritiqgs Star +14 OB U 5J 

13,000 Undock HoUbigstSO 65xd -7 28 43 128 

49873 waiter Alesasder(SE) 180ad -25 ' 5.9 33 U3 

4868 W.S.Yaattf — 200 0 ' 178 8.7 208 

4840 west YMv hsL Hop. (USM) 140 -14 58 3.9 14.9 

Sanities dtsttei at ad CSE) and (USM) am dealt hrr subject to tho rates and 
regnUtlons of The Stock Exchange. Other securities listed above are dealt In 
■object 10 tlio rules of FI M BRA. _ 



The Royal Bank 
of Canada Group 
moves to 
Queen Victoria 
Street 


KTTCAT & AITKEN & CO. 
RBC KTTCAT INTERNATIONAL 
RBC KTTCAT LIMITED 
RBC KITCAT & SAFRANLIMITED 


Members of The Royal Bank of Canada Group 

From today our address is: 

71 Queen Victoria Street, London EC4V 4DE 
Telephone: 01-489 1966/01-895 0001 
Facsimile: 01*329 6150/01-329 6140 (Corporate finance) 

Telex: 888297 


bank leu mi(uk)plc 

Base Rate Change 

Bank Leumi (UK) pic announces 
that with effect from Ihe 
6th of November 1987 its 
base rate for lendng is decreased 
from 9 x h. per cent per annum to 
9 per cent per annum 

bank leumi *niN*i pu @ 



Daw 

Grass 

Yield 


Price 

on uric 

dlv.(p) 

96 

WE 

200 

■ -1 

8.9 

45 

75 

200 

-1 

10.0 

58 

— 

32 • 

O 

43 

333 

45 

sw 

-19 

2-1 

43 

88 

169 

-10 

2.7 

15 

283 

36M 

-7 

4.7 

28 

132 

268 

-Z 

115 

43 

6.9 

135 

-5 

15.7 

115 

— 

15M 

-9 

3.4 

3 A 

138. 

104 

■*■2 

10.7 

103 



15W 

-10 

17 

23 

43 

96 

-7 

— 




98 

—6 

3.4 

3-5 

108 

320 

-60 

— 



12.7 

70 

-12 

03 



14JL 

114 

0 

143 

12.4 



60 

O 

— 



25 

124ns 

0 

53 

4.4 

4.9 

211 

-9 

65 

33 

102 

5taJ 

+14 

08 

13 

52 

6Sd 

-7 

28 

43 

128 

IBOad 

-25 ' 

5.9 

33 

133 

200 

O 

178 

8L7 

208 

140 

-14 

55 

3.9 

14.9 


Oranvllk &. Company United ' 

8 Lovat Lone, London EC3R65P 
Telephone 01-621 1212 
Member of FIMBRA 


Granvitk Davies CoJcman Limited 
27 Lovat Lone, London EC3R8DT 
Tdephcme 01-621 1212 
Member of tht Stock Exchange 



Issue of up to U.S. $75,000,000 


SPAREKASSEN 


Sparekassen SDS 

(4 cm*** tan* wttbtaMd undter omtetr Bsnidag ImQ 

Floating Rate Capital Notes due 1991 
US- $40,000,000 hairing been isauad as ttw 
initial tranche and US. $20,000,000 having 
been iaauad as a subsequent tranche 

For the period from November 9, 1987 to February 8, 1968 the Notes 
wla bear Interest a 7%s% per artnunrU.S. SI ^80.03 wfll be payable on 
February 8, 1988 against Coupon No: & 

By: Hi* Chare ManhaRten Bank, NJL A 

London, Agent Ba nk 

November 9. 1987 - 


Provbice of Nova Scotia 

LJ 5 . »e# T 0 oe,ooo 

UK per toe. Dabcatam dM tm 
$100,900,000 

ILM per cent. Debeatnrts doe 1998 

NOTICE B HEREBY GIVEN 
thai Tbe Bank of Nova Scotia. 
BnixcDes has resigned as s paying 
ftgeni for the above issues 
of Debentures with effoci trom 
fob N ovember. 1987 

PnsvhKe of Nova Scou 


FINANCIAL TIMES STOCK INDICES 



93321 84.49 


127-41 4908 


15M 5083 


9132 | 91.47 I 9081 I 90J.4 1 89 J6 I 8987 


94.42 j 9487 | 93.90 I 9487 | 9385 j 93-76 


12748 | 1287.9 \ 12558 | I286J } 1342.7 | 136ft9 { 19«a| 12558 { 192W1 49^ 


2618 1 2738 j 2792 j 3058 | 314.9 | 3121 | 4978 1 2618 I 734 438 


81588 I 824.90 [ 81385 | 84A14 | 87680 I 88733 [123887] 813 ** liOTgicrl fci 97 


1U08 J 18388 1 16083. i 1853.9 I 1723.7 I 17498 I 2443.41 16083 I 24M3L4) 966.9 




m 






- ■ 


f - r m ‘ 


r > ‘ . 


. ‘ K& 

rr ; ■- * 


. t ■« 


- J.- . t F ■ 


r^': T . 




\ ” ;* ' 















































Enomrial Times Monday November 9 1987 

UK APPOINTMENTS 


29 



RrDtvUHill luu been appoint- 
ed chairman and a director or 
HIGGS AND HTT.7. CONSTRUC- 
TION HOLDINGS. He will re- 
main joint managing director of 
and Hill, and riwiinwn of 
Hig^ and Hill Overseas. Mr Pe- 
ter Clement has been appointed 
managing director of Higgs and 
Hill Overseas. . 

Sir Mkhad Franklin has been 
appointed a director of BAR- 
CLAYS BANK mod of Barclays 
PLC from January L ' 

CONTEMPORARY PERFUM- 
ERS has appointed Hr Trevor 
PtariM as financial director. 
He was financial controller. 
* 

ALBE RT MSHHa has appoint- 
ed Mr Richard Pwh rg fll as 
chief executive of the -group’s 
UK and European operations. 

. ■ + 

Mr John B. Lawrence has taken 
over as chief .executive of 
THORN SECURITY. This fol- 
lows the acquisition by Thom 
EMI of JEL Energy Conserva- 
tion Services, which was found- 
ed by Mr Lawrence and of 
which he remains chief execu- 
tive. 

Mrs OHvta BlaemflcM has been 
appointed an executive director 
Of RUSSELL REYNOLDS ASSI- 
ClATESISC. 


Mr Derek Arnold, general man- 
ager of NEC BUSINESS 
SYSTEMS (EUROPE), telecom- 
munications division,' has . be- 
come the first European to be 
appointed to' the main board, 
i • 

Mr Richard Beamiss has been 
elected . non-exeCPtive chai r- 
man Of MUNTON BROTHERS. 
Mr Steast Hollander, who has 
been acting chairman since the 
resig natio n of Mr Harford Rebb, 
will coninse as a non-executive 
director and deputy chairman. 
Mr Jimmy deck has joined the 
board as a uon-executtve direc- 
tor 


GULLICK : DOBSON, mining 
equipment subsidiary of Dob- 
son Park industries, has ap- 
_ Mr Brian Kennedy as 
r managing director. 

Mr Laurie TmM has been ap- 
pointed finance director of CCA 
GALLERIES. He was finance 
director at UOGEL Software In- 
ternational; 

' ’ ’ 

Mr MJ. Bissau has been ap- 
pointed. director of 

the SHAND GROUP, succeed- 
ing Mr JAJL Nichole, who has 
retired. Mr Bissell was control- 
ler of file Egan machi ner y divi- 
sion of John Brown Inc. 


Mr Gordon Main has been ap- 
pointed a director of BENCH- 
MARK FARM FINANCE and of 
BenchmarkLeasing. 

... * ■ 

HANSON GUERNSEY, wholly- 
owned banking’ subsidiary of 
Hanson Trust, has appointed Mr 
Stan deal as M a n ager and a di- 
rector. He succeeds Mr John 
Whitehead, a director, who has 
been appointed general manag- 
er. 

• 

Hr Michael J. Banes has been 

appointed executive director of 
FUJI INTERNATIONAL FI- 
NANCE. In this new post he will 
be responsible for marketing 
the global asset management 
services of the portfolio man- 
agement division, and will be 
involved in foe' formulation of 
investment policy and strategy. 
He previously managed the Eu- 
robond and Government Agency 
portfolios of the World Ba nk . 
Washington D.C, and was an ex- 
ecutive director of fixe Union 
Bank of Switzerland (Securi- 
ties) 

* - 

.Mr Roger Baxter has .been ap- 
pointed chief logistics officer at 
BRITISH GAS .headquarters. 
He will be responsible for all. 
logistics mattters to do with ex- 
ploration. 


GIBBS HARTLEY COOPER has 
appointed Hr John Evans as 
chairman and joint managing 


director of the North American 
division. He will continue as 
joint chairman of Hartley Coo- 
per Associates. Mr Chris Tucker 
has been appointed director 
with special responsibility for 
UK business development He 
was a development executive 
with Hogg Robinson. 

it 

GARTMORE PENSION FUND 
MANAGERS has appointed Mr 
Roger Unrim as business devel- 
opment director. He was an in- 
vestment consultant with Mer- 
cer Fraser. 

* 

DALEPAK FOODS has appoint 
ed Mr Christopher Ivory as chief 
executive. Mr Ivory, who is man- 
aging director Pork Farms, a 
subsidiary of Northern Foods, 
will be joining Dalepak on Jan- 
uary 4. Mr Michael Hughes will 
take over responsibility for re- 
search and development. Mr 
Itiok Carr Is to retire next year. 

COA&D ELECTRODES IN- 
TRNATIONAL has appointed 
.Hr. Jeffrey T. McClure to the 
main board. He is managing di- 
rector of Sheffield Re fr actories, 
a wholly-owned subsidiary ac- 
quired last July. 


pointed 

VOLE 


Mr Peter C. Thoms has been ap- 
tied a director of MEL- 
TECHNOLOGY. He wgs 
_ director of signa, a 
Melville company: 

- * * 

WESTERN PROVIDENT ASSO- 
CIATION, Bristol, has appoint- 
ed Mr Julian Stalntett as manag- 
ing director, following the 
retirement ofMisa D. Flicker. 

■ . * 

Mr Ian Steel has been appointed 
operations director of. BPCC 
PRINTEC. He was di- 

rector. He succeeds Mr John 
Weld, who has been appointed 
sales director of BRITISH 
NEWSPAPER PRINTING COR- 
PORATION 

* 

Mr Timothy B ailing ■ has been 
appointed finance director and 
company secretary of SIMON 
CONTAINER MACHINERY,: 
Stockport. He was financial di- 
rector of Copal Casting .... 

SOUTHAMPTON ISLE OF 
WIGHT AND SOUTH OF EN- 
GLAND ROYAL MAIL STEAM 
PACKE T has appointed Mr W- 
chael A. Wilktaseu as chairman 
from January l.in succession to 
Mr G cs fl kuyAJL 
tires later next year. 


CONTRACTS 



. COOPER ROUS, .a company 
jointly owned by. Rolls-Royce 
and Cooper Industries of foe US 
has won a series of export con- 
tracts, valued at £22m, for gas 
turbine equipment from cus- 
tomers in Ttukey, Malayan and 
Dubai. All the equipment cho- 
sen is powered by Rolls-Royce 
industrial Avon or RBZ11 en- 
gines; designed at the compa- 
ny's Ansty fhetory, near Coven- 
try. The three contracts all call 
for the supply - of Rolled 
powered Coberra seta, 

Cooper Bessemer compressors, 
for the gas pom 
both onshore and i 


DK LARUE SYSTEMS has won 
orders from Spain, -Bmil and 
the People’s Republic of China, 
vorth£3JSk 

The first of these orders is 
from foe world's largest state- 
owned lottery. The Na- 

tional' Lottery Organisation, 
QNLAE, which has ordered 


equipment to supply six coupon 
processing systems, software, 
and additional services. A con- 
tract for an additional phase of 
the lottery's modernisation pro- 
gramme is expected later this 
year. 

In Braxfi. De La Rue Systems 
is to supply banknote sorting 
systems to Banco Central do 
BrasiL The first two systems are 
being delivered this month 
there are plans to install 20 fur- 
ther systems over the next three 
years.- In fiiiwi, the company 
has won a single order for 1,000 
banknote counting af- 

ter two years of negotiations. 

* . 

A- £15. 7m contract to extract 
800,000 tons of coal at the Wav- 
eriey East opencast site, Cat- 
diffo, near Sheffleldjiaa been 
awarded fay British Coal to 
LOMOUNT CONSTRUCTION a 
wholly-owned subsidiary of the 
Mowlam group. 

The eight-year contract will 
involve moving SOdlm cu. metres 


of material and win create a 
hole at one stage 74 metres 
deep. The site will be rein- 
stated progressively to leave 
the land fitfor industrial use on 
completion. Lomount is to 
spend £&25m on plant for foe 
project, largely on hydraulic ex- 
cavators and 96 tonne dump 
trucks. 


The Municipality of J 
a city of over 1004)00 people 
southern Sweden, has placed am 
order with ABBA STAL, Fin- 
spong, for a heat pump plant for 
connection to the local district 
heating system. The order is 
worth around SKr 30m (£3mX 
The plant is to be ready for com- 
mercial operation in Septem- 
ber, 1968, and will produce 
20-25 MW of heat This will be 
extracted from treated sewage 
effluent from the municipal 
sewage wor ks and process we-, 
ter from the Munkqo pulp and 
papermiU in Jonkoping. 



EAST RAND 

PROPRIETARY MINES, LIMITED 


‘ " '„T ' 


' Derclopineitf and Cftimnififribcmg ofRnr Eastern Section: 
Proposed Increase in B o upwki g Powers and RjghteQffer 

7he direcU.ua of East Band Proprietary >&i oFi.I .iiiiii n<.l(in i in i inr p i thatkhaa been decide d: 

(a) to mgfMiHw the company's borrowing p umuia from the present mccetary. Emit of R200 milflnit to R300 
nrifficnin aider topCT^todgmg fimnreteQxBCompletiop of die Fhr East Vertical Shaft Complex; and 

(b) tomaeafarthegamoratef approximately ironnBfctofapennanentfimctiDg. by way of arigfatecto 

HttEMTVnaEB. MBT OCMPig 

A technical adtisess' report submitted by Rand Mines (Mining A Services) Limited in 1985 preebeted the 
eonsseoca erf higher grade goidbeering ore m toe ftr Eastern Section of die mas. Based on these mdwadcns,a 
dacMon was made late in 1983 to develop and oommiBnon toe Fhr East Vertical Shaft Complex. TMs would 

enable the mine to exploit tooseltighergiade areas; a* wallas to increase the scale of Us operations. 

The aim was to arise gold output, reduce unit costa and improve profitabil i ty ; thereby ensuring the lo eg team 

Injure of foe mine, h would also mote the mine independent tof Stem assistance alter atmmtfanal period. 
TOjik on the prefect has programed estreraetywelL Ezpexxfitma is m hoe with the budget 

Ey January the mam' ssstioe- Shaft will ham been sunk to 34 laveL The sub-vertcal B crrto a abaft has 

ahead? been deepened to 72 leroL Equipping of this abaft is in pragmas and ccunmaaiouing is expected in 

November 1988. The anbvartcalve ntihi ri m foafti8eapectedtp reach its final depfa by the eodcffflSZ 

Cegtoinna)cr Bniface fcnlafo t kxe lambeeB<x» mfo>sd. B s aMM M nBiitflf a o ilhce k± t ni c>ne iicn a die ctft » 

Tte mire has cuuadutab teaeiaBeivaB. T7 l nr i f haw been ex p o sed in toe for East area fan B61bvbI down to 6B 

leret Sampling of more flan two thousand metres of reef horizon has rescaled toe foOrering actual irwulw , 

... 1987 1083 

Average channel value— centimetre grama per ton 869 730 

Mating value — grants per too < 790 694 


Underground 

immecnaiely ' 


inhwI.ilf^lTTO | 

Has isejghr months earlier than had been envisaged in 1G 


raudicf toe weak on fixe 



Late in 198S, a mays oo i mm'c ev ent nwie it’ne cdarary fe ciose oeaamwaidDg areas, with tbejoas of weririag 
fa c»AfmtherkB8ctf working face resulted fnxnadeasian to create very tergeinsita safetv p2biB in the kwer 
readies of toe mine, {bus tedtitetiog die mining of die deeper- higher grade ore with mhamalhituDB seismic 

dtamption- 

Howewea. die effects of fhese.mxkSng bee losses, admsitiy affected production ban tire elder part of toe 

mine. The rasnlt was flat loan, tends hadto be applied to finance .woHaagloBBea which were greater H a m ha d 

been envisaged. . , • 


with the loss making 

tease actions acctwjdeabte 


'fine w^tim served by T shaft which was mitring a marginal contribtxlicn 
sections serred by *C shaft and HI 1 abaft hevebeen dosed. Asacocsequence 
sating in cnesbeads should be achieved. - ■ ’• 

The wcdg&HPB has been deployed into other sections of the mine such as .... . 

area served by ‘C shaft, the V kavkseway and tee. Fhr Eastern Section, which are expected to be more 

pe o fitabie.hadditioiri.apoBitirecbn a iter ! i m can be eqxRcted ftocitfaBiiB ULwiti y of gold Qaough tee t rea t m en t 

nf rvrr rain wtnri rfiimpK. 

By shifting (be feenacfo pem lio m ' towar d s tee Rnr Eastern Sectim, the tihecaaB beBawe teat gold p rod uction 

wm be ccnsidenshly tnuwl «wiri tee wm> returned to profitability In tim imyr mrm, wite addManal 

jaoduction terilitiea, ttaeotisafled teat gctidouqxur can be doubted from present levels. 

able to reduce its 

H» imma tirwa 



_ b to be exploited Inr many yeom 

into the future. 

PROPOSED HVCRBUE IN BCUDtOWmGPOWQtS .... 

p^^jp CT thoinirrp a it tha i yi m pt i ny rmgotmteH an i m - j i M im frrOTi PIRn nriT ti o n -hr, RgnOfniffinfi in itBloaTifmTnii 

amscntnimcrfSoufe African commerctal banks ted by EtatNatkaal Bonk of Soi&emAftksa Untiled. The Saute 
African Government had p a e ti o u aly agreed to goaxamee th^inon np to xmaximmn of R200 zstihen and to 
rebwiftire tho nwwmntpaymwntitfw tea MSiiawi ««rMaH rf7llt»iip«rt^ ire»BnmiTn nM7W»pBrmnum.'h 1993, the 
subsidy wiH cease. 

TVwrunjgirhonaHhnwthat mi additkimlMQmiPinn VvfflbaTWf priiaHI in rw rior Vt rrwrrplptoanrf r-nrmrnftnim -ftw, 

ar tBBt Vertical shaft project aodtopratideanadieqaate cashmsoutce to oowroottingentiea. h is vital teat 

teeee f unds fooi il d be ob t aine d w iteoutddag so teatum d—u l apmteg pB gp nxnte may pgxxeedcn a dtedulB. 


> frmfftrifj TOHyhft ohT?lilied i 

1 Bank ttiScorteem Africa I 


Ihrot nfR anri imTHctn tn Raflfl trrfTHrm; in ardaf teatteemqpited » 

An unsecured iomfrcittycfBfiOmllrcplxBheenanRigBdrttej 

fix this purpose. 

yppprum M CBElgE Hf wiippmm. 

The dneeuxs befiese *« additional peauumeiti fimds aj H90 ugfrm should be raised by way of a rights offac 

This win make it posable toteetolhBgtBtnpoaiyteiigBjBfcnedtoiateeiXBoedingpemgapii. to berepaid. 

Tfl to im ptement teaprapoaed rights offes; it k intenri^H -mtncmwfft ttH* carilalfrf tfaa 

ccmpeoy from R12 000 000, divided into 12 QQQ 000 foams of HI each, to R17 000 000, divided into II 000 000 
Shares of R1 each, by the oanfa n ofSOOO O OP newfoanascfRi each. 

COWVEKmC OF GEMOT XLMEWT1WG 


be postedinteenearfatu rB. 
SEGISZEBED CSTICE 
15te Floor; The Comer House 
63 R» Street, j arannafourg 2001 
POBax 62370, Marshalltown 2 107 


Chartef CcffladSdatedSerweB United 
40 Hbftxtm Viaduct •’ • 
LoodoaBClPlSJ ' 



cfltelaitoimndgnv 


COMMITTED TO 
GROWTH IN THE GCC 



— the driving force behind the spirit of enterprise at 
Gulf Investment Corporation. 

Commitment to assisting the diversification and expansion of the 
economies of the Guff Co-operation Council (GCC) countries. 

C ommitmen t to the initiation of a new generation of vital industries 
and services in rite region. 

Commitment to the active encouragement of investmen t by the 
private sector as partners in joint venture projects. 

Two management groups spearhead this thrust — Projects Group, 
dedicated to the identification and evaluation of viable direct investment 
opportunities, and Finance Group, embracing corporate finance, portfolio 
management and treasury, and concentrating, among other things, on the 
promotion and development of regional capital market activities. A key 
factor in die strategy of success for boh Groups is the stimulation of private 
sector investment, both by encouraging direct participation in Gulf 
Investment Corporation’s various ventures and supporting the expansion 
of local stock market activities to promote widerprivace involvement in the 
economic development of the region. 1 

Gulf Investment Corporation, equally owned by the member states of 
die GCC, brings to bear a unique combination of experience, vision and 
resources to achieve the twin aims of growth and prosperity for the regfon. 

r nminkm«it — more than just a word, here. More a way of life. 


W 



GULF INVESTMENT CORPORATION 
The new shape of investment in the Gulf 

PjO. Box 3402. Safe 13035, Kina* • Caaxien Joint Banktog Centre. Kuwait Heal Estate Bonk Btrildklg. Kuwfe • 
• Trtrphnwu (965) 2431911 • Telex. (496) 44002/23146 G1CORP KT • Tdefiro (965) 2448894 • OHa GKXMPW 


v . = - - r rNikko: Ftont-Ranner In investment Tecbnology — 

GLOBAL ALPHA 
STRATEGY FUND 

An umbrella in v es tm ent fund, established in Luxembourg, which includes the Pacific Alpha 
Fund and US/Euxope Alpha Fund. It uses factor tilt strategies to achieve returns superior to the 
market index, and permits lowcost switching between funds. 

JAPAN INDEX FUND 

An investment fund established in Guernsey, Channel Islands. Our Japan.lndex Fund permits 
tracking of the Tbkyo Stock Price Index, applying the BARRA-NIKKO Risk Model of the 
Japanese equities market, and also provides significant savings in transaction costs, 
management, and administration fees. 

US INDEX FUND 

An investment fund established in Iarxembourg. This fund assures the closest' possible tracking 
to the Standard & Poor's 500 Composite Stock Price Index through full replication and efficient 
trading. 

Shares of all three Funds above are listed on the Luxembourg Stock Exchange. 


Application for shares m any of the above Funds may only be made on the basis of the information contained in 
each r es p e c t i ve prospectus and the latest available annual report containing audited accounts and the latest available 
semi- annual report, if lawr rhan such annual report. 

Copies of these Prospectuses may be obtained by professional investors by calling Nikko Capital 
Management Limited on 01-236-6076. 


Tb Nikko Capital Management Limited 

1(V12 Little Trinity Lane, London EC4V 2AA, United Kingdom 


Name 

Profession 


Company 

Address 


Postcode 

Telephone 



Copies of these Prospectuses will be made available only to professional investors whose ordinary business it is to 
bay ar sell shares or debentures, whether as principal or agent within the meaning of Section .79 of the Companies 

Act 1965 of Great Britain. 

This advertisement has been placed by The Nikko Securities Co. {Europe} Limited on behalf of Global Alpha 
Strategy Fund SICAV, Japan Index Fund Limited and US Index Fund SICAV. 

It does not cmwinw an nfW of, or an invitation to the public to subscribe for or to purchase, any securities. 


NIKKO 


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December 7-10 

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Management andJSusiness Conferences 

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at the future of high street re- the use of knowledge-based and. 


tailing (01- 379 7400) 


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Financial Times Conferences/ troniucs EDC: Automating the 
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November 19 Financial Times: World Tele- 

The Royal Institute of Interna- communications 0)1-9292323) 
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ber of Commerce (UK): Strate- W1 

gic export controls - Military December 1 
security, corporate self-interest Waters Information Services: 
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Glaziers Hall, London SE1 
November 24 


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The Royal Institution of Great 
Britain, London W1 


The Henley Centre: The UK December 2-4 

economy - the next five years Financial Times/ British Ven- 


(01-3539961) tore Capital Association: Ven- 

Cavendish Co nfe r ence Centre, tore capital fimnw'ai forum (01- 
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fovember 24 Hotel InterContinental, W1 


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planning for individuals and institute of Directors: Fighting 


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November 17-21 

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November 17-21 

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December 3-6 

World Print Exhib ition and 
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WORLD ELECTRICITY CONFERENCE 

LONDON, 16 & 17 NOVEMBER, 1987 


Sir Philip Jones, Chairman of The Electricity 
Council, and Mrs Helga Steeg, Executive Director of 
the International Energy Agency are to chair one of 
the most important ever Financial Times energy 
conferences "World Electricity" in London on 16 
and 17 November. France is powerfully represented 
by M. Pierre Delaporte and M. William Varoquaux 
of Electricite de France. Mr Donald Miller, 
Chairman of the South of Scotland Electricity 
Board, and Dr I C Bupp of the Cambridge Energy 
Research Associates (USA) are among the other 
major contibutors. Mr Christopher Johnson, Head 
of Economics at Llyods Bank, and a distinguished 
analyst of the energy scene, will be speaking on 
Britain's privatisation plans, as well as Mr Andrew 
Warren, Director of the Association for the 
Conservation of Energy. 


WORLD TELECOMMUNICATIONS 
LONDON, 1 & 2 DECEMBER, 1987 


Lord Young will give the opening address to the 
Financial Times eighth World Telecommunications 
conference. M. Gerard Longuet, French 
Telecommunications Minister will speak on future 
telecommunications policy in France. The changing 
pattern of competion in global markets will be 
reviewed by Mr James Olson, chairman of the 
Board, AT&T, Mr William Weiss, Chairman & 
Chief Executive Officer, Ameritcch and Mr Iain 
Vallance, Chairman, British Telecommunications. 
Professor Eberhard Witte will speak on German 
Telecommunications strategy, and Sir Eric Sharp 
will review the problems and prospects for global 
networks. 


VENTURE CAPITAL FINANCIAL FORUM 
London, 3 & 4 December, 1987 


This will be the fifth In the highly successful series of 
Venture Capital Financial Forums arranged by the 
Financial Times and the British Venture Capital 
Association. The event provides a unique opportunity 
for investment managers and senior executives from 
financial institutions and industrial companies to 
meet some of the leading venture capital hacked 
companies in Britain - all of which will either be 
raising additional venture capita) fending or seeking a 
public quotation, be it on the USM, the third market, 
or by way of a full stock market listing, in die 
forseeable future. The Forum is also for those raising 
equity for the first time. 

All enquires should be addressed to: 

The Financial Times Conference Organisation, 2nd 

Floor, 126 Jermyn Street, London SW1 Y 4UJ. Tel: 
01-925 2323 (24 -hour answering services) 

Telex; 27347 FT CONF G Fax: 01-925 2125 


Financial Times Monday November 9 1 987 


DIARY DATES 


FINANCE 


TOOT 

CO«jp«MV WETTNOS 

CBM StOBWS GfOUO tMlKHXaUp- 

m iMRm Stma E.C . 12 is 

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COMPANY MEETNGS- 
Admtf Greup. kterconhnanal Hotel. W. 
1200 

botron. Howard HocoL Temcte Place, 
arena WC..12M 

Senates (&R). Four Sms** HaM, 
flood. Hole Bona Ctehn. 

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MucMow (A S J). Chamber Ol Camersa, 
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Shelter (MtaJ Holrings. Rrm Road. Unccta. 
11.00 

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Moran Tea 


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TODAY 

Commons: Lice n si n g Bin, sec- 
ond reading. Debate on Com- 
mon Market documents relating 

to free food scheme. 

Lords: Debate on the EEC com- 
mittee report on Financing the 
Community. Question on gov- 
ernment response to the 1985 
report of the select committee 
on overseas trade. 

Select committee: Public Ac- 
counts - subject: incorrect pay- 
ments of social security bene- 
fits. Witnesses: Mr C W- France, 
Health and Social Security De- 
partment; Sir TRahaal Q ninlgn, 
Employment Department 
(Room 16, 4.45 pm). 

TOMORROW 

Commons: Debate on the second 
report of the Commons Services 
Co mmi ttee for the session 
1984-85. Opposed private busi- 
ness after 7pm. 

Lards: Aberdeen Harbour Or- 
der Confirmation Bill, third 
reading. Merchant Shipping 


uni , second reading. Motion on 
the yrwimpm Number of Judg- 
es Order 1987 and the Pharma- 
ceutical Qualifications (EEC 
recognition) Order 1987. Ques- 
tion on government action to 
prevent excessive damages be- 

j i.j 


awarded against the medi- 


cal profession. 

Select committees: Dartford- 
Thurrock Crossing Bill (Room 5, 
1030 an) Parliamentary Com- 
missioner for Administration - 


ing into research covering alter- 
natives to the use of animals m 
laboratories. 

Select committee: Dartford- 

Thunpek Crossing Bill (Room 5, 

1030 am). 


FT 


A FINANCIALTIMES 

international 

CONFERENCE 


wo; 

ELEC 


CITY 


reports from the Commissioner. 
Witnesses: Mr Anthony Barrow- 
clongh and Mr Gordon Marsh. 

. WEDNESDAY 
Gusmans: Debate on Opposi- 
tion motion The failure of the 
Government .to provide- ade- 
quately for the transport needs 
of the. nation.’ Later debate on 
the purchase and sale of BP 
shares. 

herds: Short debate on develop- 
ments in complementary medi- 
cine and its relationship to con- 
ventional treatment. Debate on 


THURSDAY 

Gemma**: Consolidated Fund 
BI1L Debates on social security 
orders and regulations. 

Latte Income and Corporation 
Taxes Bill, second reading. Co- 


London, 

16 & 17 November 1987 


deuce (Scotland) Bill, second 
reading. Motion on education 
support grants regulations, 
1967. 

Select committee: Dartford- 
Thnrrock Crossing Bill (Room 5, 
1030 am). 

FRIDAY 

Commons: Private Members Mo- 
tions. ' 


FOr Mbm eto np is esm mean Me 
sdvortlMomant.tDg*mw»your 
business cart, to: 

Financial Times 
Con f eren ce Oi gUM Bon 
2nd Floor 
126 Jermyn Street 
London SWIY4UJ 
Alternative!* 
telephone 01-925 2323 
telex 27347 FTCONFQ 
fax: 01-9252125 


$*» ir 

ptrii 


! 0 flV€ 


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Financial Times Monday November 9 1987 


I 


More than 2,500 


companies are now 


involved in business 


sponsorship. The arts. 


sports and charities are 


all beneficiaries. Some practices, 


however, are giving the business a 


bad name - attempts are being made 


to stamp these out. Report by 


F eona McEwais 




lw 

S1ERS, 


.? r • : 





arriage o 
convenience 


AFTER AN initiation period lan- 
guishing in the shallows of main- 
stream promotional activity, 
sponsorship is now established to 
a .degree that, was unthinkable 
six years ago. 

It is estimated that some 
S200m will be spent across the 
whole sponsorship spectrum, 
from sports. and arts to the envi-. 
ronment and charities, breaking- 
all previous records, according to. 
M Intel, the market research or- - 


More than 2,500 companies are- 
said to be involved now in spon- 
soring activities, from town festi- 
vals to team- sports,' solo- artists,' 
to up-and-coming- racing drivers, 
at local, national and interna- 
tional levels. 

Another indicator of industry 
health is the multiplication of 
specialist sponsorship consul- 
tants. These have grown in re- 
cent years to more than 100 or- 
ganisations ranging from 
40-strong companies to 2-man 
bands, which perform the mar- 
riage-broking function between 
the sponsored and the sponsor. 
Advertising agencies, too, ever 
on the lookout for new profit 
centres, are increasingly casting 
eyes in the direction of sponsor- 
ship -agencies - a sure sign of an 
industry on the rise. 

Sponsorship has also proved it 
can be good for export. The 


sponsored Royal Shakespeare 
Company, for instance, won the 
Queen's Award for Industry last 
year. ... 

It is perhaps a measure of the 
mowing interest in the subject 
that this year witnesses the first 
national sponsorship exhibition. 
Business Sponsorship Link, 
which takes .place on November 
10 and 11 at Queen Elizabeth . II 
Conference. Centre, Westminster 
in London. With more than 100 
exhibitors, the show aims to fo- 
cus on every facet of the spon- 
sorship scene likely to appeal to 
sponsor-seekers, and .sponsors 



CONTENTS 


As befits the immature, indus- 
try that it still is, sponsorship is 
a business that is increasingly 
self -critical. One sign Is the es- 
tablishment last year of the In- 
stitute of Sports Sponsorship - 
sports takes the biggest slice of 
the sponsorship cake, accounting 
for about 75 per cent of total 
revenues - which publicises the 
achievements of sponsorships 
and represents the voice of spon- 
sors. 

The 1SS functions much like 
the^ Association for Business 
Sponsorship of the Arts, which 
encourages sponsors In the arts 
world by moving to improve 
conditions, terms and under- 
standing of the industry and 
stamp out practices that give the 
business a bad name. 


- • Cnna Duggan 

Business Sponsorship 


Sport: Sport and business are 
both driven by the urge to win 
Television: Clearer picture 
needed 

Sport in ecUoiu Soccer and 
athletics 2 

Arts: The hunt is on for 
imaginative tie-ups 


So what can sponsorship do? 

Mr Turner outlines some of the 
options: 

• It con rejuvenate a corporate 
image, make it appear more dy- 
namic. Sponsorship, he says, in- 
fluences an image by borrowing 
qualities from the activity being 
sponsored. Showjumping is up- 
market and prestigious. Motor 
sport, international and exciting, 
and so on. Hence, companies 
with a cold image might benefit 

from sponsoring a cosy gentle ac- 
tivity. Look at the oil companies 
and their support of the arts in 
this context 

• It paves the way for new prod- 
uct launches into new markets. 

• For companies under attack, 
sponsorship can help provide de- 
fence ana, on a less savoury 
note, it may offer ways of prom- 
oting certain products that can- 
not be advertised. 

The Confederation of British 
Industry has also thrown its 
muscle behind the sponsorship 
debate. "Increasingly,” it says, 
‘large and small companies are 
coming to realise that they can 
strengthen their reputations, en- 
hance their community standing, 
reach their target audience, sup- 
port their marketing objective 
and even motivate their employ- 
ees, through the use of skilled 
sponsorship.' 

Benefits a sponsor can gain, as 
Mr Turner points out, include: 
media exposure; employee inter- 
est; name exposure at events; 
company names on participants 
and supporters clothing; .compa- 
ny name incorporated on the ti- 
tle of the event; special ticket 
allocations for the company and 
Its guests; and opportunities for 
entertaining people at events 
sponsored. Business and plea- 
sure, as companies are increas- 
ingly discovering, can be mixed 
profitably. 

But the commercial connection 


Sport s Counca vfw 3 

Aria sponsorship profiles 
Charities: Talking sponsors' 
language * 

Charities: The inner cities 
Tobacco: Anti-smokers lobby 
hard 5 


this. Harveys Leeds Piano com- 
petition found It was not cred- 
ited fully in the Radio Times 
from which most newspapers 
took their cue. Out of 400 press 
mentions Harveys noted that less 
than 10 per cent used the full 
title. 

Similarly with The Age of 
Chivalry exhibition sponsored by 


Lloyds at the Royal Academy. 
Local newspapers mentioned the 
sponsor but not so the national 
press. Lloyds was consequently 
less than pleased alter investing 
around £400,000. 

Increasingly, sponsors are us- 
ing events more for hospitality 
than for the publicity factor, ac- 
cording to Ros Elliot of upmarket 
hospitality organisers, PJ Promo- 
tional Services. She cites the ex- 
ample of James Capel, the stock- 
broking firm, which this year 
backed the Admiral’s Cup team 
at Cowes Week. 'It was ideal,* 
she says 'because the whole of 
the City of London congregates 
in Cowes then.* 

As a general rule of thumb, the 
average cost of hospitality at top 
level is roughly £160 per head, 
including ticketing, catering, 
car-parks, and staffing. 

Among the most sought-after 
events for entertaining, says Ms 
Elliot, are arts events that are 
prestigious, classical and prefera- 
bly from overseas. 

As for the future, one of the 
most sensitive issues is pro- 
gramme sponsorship. Indepen- 
dent Broadcasting Authority 
rules restrict the way companies 
can influence the making of pro- 
grammes. However, with the 
growth of satellite television and 
the increasing pressure on inde- 
pendent production companies 
to produce programmes for tele- 
vision and find the finance so to 
do, the possibility of companies 
having a hand In the making of 


One thing the ISS is unhappy 
about is the practice among 
some consultants of divided in- 
terests. Frequently it says agen- 
cies are retained by both parties, 
Che sponsor and the sport, which 
In unscrupulous hands, can be 
hazardous. 

Peter Lawson, general secre- 
tary of the Association, recounts 
a' true Incident: ‘About three 
years ago the chairman of a ma- 
jor British company met the 
chairman of a' fairly important 
sport. The sporting chairman 
said how very nice it was to 
meet such a staunch supporter. 
What we’d do without your 


£20,000 1 don’t know, he de- 
clared. What do you mean 
£30,000, came the reply, we put 
in £100,000.* It is these practices 
the Institute aims to eradicate. 

The ISS is also looking to es- 
tablish a code of practice. *We 
hope by persuasion and agree- 
ment to draw up an agreed code 
of practice, stipulating levels of 
fees, and so on, thus instilling a 
level of confidence and integrity 
among the operators, * says a 
spokesman. These, and other 
pertinent issues, are to be raised 
at a national seminar organised 
bv the ISS on November 18 at 
which all sides of the sponsor- 


ship equation will be represent- 
ed. 

Another area under debate will 
be taxation. The current regula- 
tions are under fire from a num- 
ber of aggrieved companies. Mr 
Lawson amplifies: *If you want 
to sponsor the arts. It's easy, he 
says. They are viewed as a chari- 
ty with the facility to use cove- 
nants and other tax arrange- 
ments, unlike sports. We believe 
sport is sponsoring the art of the 
masses (compared with arts 
which is of the minority) and 
this should be reflected in the 
taxes.* 

It is a bone of con tendon that 


the Inland Revenue demands 
that 27 per cent of fees or prize 
money of any foreign entertainer 
or sportsman be deducted at 
source by the organisers. 

Why then do sponsors spon- 
sor? In his basic guide to the 
subject, Practical Sponsorship, 
([published by Kogan Page, 
£14.95) author and consultant 
Stuart Turner outlines the rudi- 
ments. Today’s clutter of media 
and fragmentation means that 
the struggle for a company to be 
heard gets harder. Sponsorship is 
one way to break through the 
cacophony and reach consumers 
in their leisure hours. 


teams, personalities, the arts, the 
environment, music, and any 
other form of activity to which 
companies are keen to hitch 
their wagon in pursuit of com- 
mercial gain? They, like the busi- 
ness community, are said to be 
burying their suspicions and 
growing to appreciate that spon- 
sorship, well handled, can be a 
mutually rewarding exercise. 

When it comes to media expo- 
sure, which is still the main 
benchmark of many a sponsor- 
ship package, television remains 
critical. However, the attitude of 
the networks varies, say the 
sponsors, from programme to 
programme. Two stones amplify 


programmes is likely to increase. 
An LBA working party is current- 
ly examining whether the cur- 
rent rules need revision. 

There is no doubt,” says Roger 
Neill, director of client services 
at advertising agency Lintas In- 
ternational, ‘that new private 
broadcast channels, commercial- 
ism and fragmentation of media, 
especially in Europe, have pro- 
vided foundations for the growth 
of programme sponsorship”. The 
spur has been the tremendous 
acceleration in the demand for 
television programming material 
throughout the world over the 
next live years which, he says, 
will bring outstanding opportu- 
nities for advertisers to become 
directly involved. 





7 / 


- - - “■ •* » 











“IN SEARCH OF EXCELLENCE?” 



"P^ffective sponsorship can \ 
give your company that edge in 
an increasingly competitive 
market, and there can be no 
better choice of sponsorship \ 
than that offered by the ^ 
South Bank Centre. The \ 

World’s No. 1 Centre I ** 
For The Arts. "I* 



PEARSON- 

It is Pearson’s policy to sponsor one major London-based artistic 
event every year. In 1986 it was Rodin at the Hayward Gallery. 

And this year it is Manners and Morals - at the Thte. 

In 1988 it will be Armada at the National Maritime Museum. 


TATE GALLERY 

Manners & Morals 

HOGARTH AND BRITISH PAINTING 1700-1760 

ArfmnriaB.QGMK W liw.fi Honda, ■ Suunb, IO-J.W Sunrfqr *■».» Laa admowM J JO 
IS October 1987 - $ Jammy 1988 CkMcd M. 2S. 26 Dnnafccr a IJuuaaay 
Ttm odribinao ii sponcoral by 


FEAMOM- 


J If you set excellence as 
your corporate target, 
it makes sense to deal 
^ with the? experts. 

A full choice of events. 
A full choice of venues, 
r THE 

south 

itil BANK 
UU •CENTRE 

Contact Pauline Ebden 
on 01-921 0641 


The World’s No.l Centre for the Arts 




















32 


Fiaandal Times Monday November 91987 


C BUSINESS SPONSORSHIP 2 ) 


The mutual rewards of working in harness have become clearer over the past 10 years, reports Feona McEwan 

Sport and business both driven by the urge to win 


SPORT AND business are some- 
thing of an odd couple. Each side 
is drawn to the other but at 
tiroes neither really understands 
what makes the other tick - a 
familiar syndrome in many a 
successful marriage. 

One trait they do share, how- 
ever, and this is what under- 
writes sports sponsorship, is the 

desire to win. Whether on the 
pitch, the court, the green, the 
track, the pool or the ring, the 
sporting world is driven by the 
urge to win just as the business 
community craves commercial 

victory. 

In the past 10 years, these un- 
likely bedfellows have grown 
closer as the mutual rewards of 
working in harness have become 
more understood. Put at its sim- 
test, sporting bodies gain sore- 
'-neieded funds to fuel (and in 
ntee) their ex- 
lin 

influence, whether it be custom- 
era or dealers, shareholders or 
employees. 

The last six years, in particu- 
lar, in the UK has witnessed an 
upsurge of interest in this 
branch of the promotional tree. 


More than 2,000 companies now 
part with their money in the 
name of sport 

In 1980, according to a report 
from Mined, the market research 
company, expenditure on sports 
sponsorship was put at £30m*. 
This has multiplied fivefold to 
over &l40m last year, and this 
year's figures are expected to top 
that Min tel estimates another 45 
per cent is spent by comj 
backing their investment, 
ing the total to over 5200m. 

But it was not ever thus. Be- 
fore sports sponsorship took off 
in the mid 1970s, companies were 
extremely blinkered in their 
view of what they regarded as a 
fringe area of marketing activity. 

Industry observers remember 
the time when Colin Chapman, 
then head of Lotus, the high per- 
formance car manufacturer, 
blitzed 1,000 companies with a 
request for sponsorship, and on- 
ly one troubled to reply. He was 
Geoffrey Kent, marketing direc- 
tor of John Player. 

The offspring of the liaison 
was the FI racing team known as 
Gold Leaf Team Lotus which, 
with driver Graham Hill at the 
helm, scooped the world title. 


T 

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Inirlon ni T n Mnm m 1988. 
■tun tb« 1986 Wfadd SportocBX 
Championship* with a new car 



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Bluebell Human fbwerod 
Racing Tauata art to feraok 

newwoddraccmhwlrhtta 
70 mph tncrcta. 




Andy Vfcldes Instate Ftawezboat 
stn into Fmula 
4 aaaraQ as contesting tbs 1988 
Bnta*JndWbddT2 





In October 1938, Vfayne and 
HiiiauMmin wfflharrin lliflirn 
Fblo'o epic ratum voyage bom 

Oil— to jit, juil ton d e 

j milr jwrlw tuglu hi 

yams latex 


Mors i 


i m ni» companies are reohsiziq thw benefits 

nf n wnll- HiraigKt jnirf pirfewintwl ^nnwr ship paefcage. 

The Main Event offers such companies teams and 

anrf attract >hw right IttttH nf matta nr pfwum 

& also provides the expertise to make the mast of 
sponsorship, for both die sponsor and competitor alike. 

These days, a success f ul sponsorship is die most 
effective way to reach a target audience with the right image 
and style. 

The Main Event is about winners. 

Those who take part, and those who lend their nam es 
to die pursuit of ex c ell e n c e . 

It invites enquiries from both- 

THE MAIN EVENT 
SPONSORSHIP ORGANISATION 

Ranullm Hoots. 2 RamUlies Street . London W1V IDF 
Talaphon* 01-434 1244. 


BRITAIN’S MOST SUCCESSFUL SPORT 


* In 1987 British riders won a total of 9 Gold, 5 
Silver and 3 Bronze Medals in European 
Championships 

* British Equestrian Promotions organises the 
televised Horse of the Year Show, Royal 
International Horse Show at Wembley, Royal 
International Horse Show at the National 
Exhibition Centre and the Olympia Show Jumping 
Championships. 

* British Equestrian Promotions acts for Three Day 
Eventing, Horse Trials, Dressage, Carriage 
Driving and other equestrian activities. 

* Why not come and talk to us on Stand 82 at 
Business Sponsorship Link? 

* Experts and personalities including Lucinda Green 
and Malcolm Pyrah will be on hand to meet you. 

Alternatively you can contact British Equestrian 

Promotions, the sport's own sponsorship and 

promotions agency, at 35 Belgrave Square, London 

SW1X 8QB. Telephone: 01-235 5390/6472. 


THE BRITISH SPORTS ASSOCIATION FOR THE DISABLED 



BSAD is recognised by the Sports Council as a national coordinaiing body 
of spori for all disabled people- II pros ides und coordinates opportunities 
for participation in all lypes of sport and recreation by people with all 
manner Of disabilities, both with each other and integration into uisiing 
■■ non-disabted ” sports dubs. 

BSAD endeavours io secure the provision and improvement of facilities 
for sport for the disabled bv Government and Local Authorities. This 
particularly applies to special schools where BSAD amts to help young 
disabled people to participate 
after they leave school. 


i in sport and to encourage them to keep it up 


Sports sponsorship had arrived. 

Before that time, the only true 
evidence of sport and business in 
tandem was the occasional 
horse-race backed by companies 
like Mackesan or Whitbread. 

These days motor sport still 
takes the lion's share of the boo- 
ty, around one third of all sports 
sponsorship, followed by foot- 
ball, horse racing, athletics, 
cricket, golf, tennis, snooker On 
that order), these are now the 
most sought-after honeypots for 
sponsors. 

One of the first rules of suc- 
cessful sports sponsorship - de- 
fined as the support of sport, 
sports events, sports organisa- 
tions or competitions by an out- 
side body or person for the mu- 
tual benefit of both parties - is to 
start but with defined objectives. 
In this way it is just like every 
other marketing exercise. 

"Companies who've failed are 
those who've gone in for no 
clear-cut marketing reasons and 
with no set ways of evaluating 
the exercise,' says Karen Earl, 
the consultant who put ComhiH 
insurance Into the Gomhill Test 
cricket series. Incidentally, since 
the company launched into 
sponsorship more than eight 
years ago, the awareness of its 
name among the public has 
mushroomed from 2 per cent to 
22percent. 

To function best, it must be 
regarded as part of the market- 
ing mix to work in harmony 
with say, the advertising, public 
relations or sales promotions pro- 
gramme. Consultants who spend 
their days advising companies 
how to make their sponsorships 
work, are quick to point out the 
uselessness of paying out the 
cheque and waiting for things to 
happen. 

Nor do things happen over- 
night. Like corporate advertising, 
sports sponsorship operates on 
slowbum and results are not al- 
ways calculable on a computer. 
"At the end of the day it's a 


question of gut feel,' says Karen 
Earl, "about whether a sponsor- 
ship is right for a client or not" 

Being soft-sell, based on the in- 
direct message rather than the 
force-fed message, sponsorship 
demands long-term strategic 
thinking rather than short-term 
tactical solutions. 

While there are no hard and 
fast rules, most specialists rec- 
ommend three years, on average. 
“A one-off is fairly meaningless,'' 
says Des Main waring, new busi- 
ness director of Alan Pascoe As- 
sociates, consultants to the Ama- 
teur Athletics, Ice Skating and 
Swimming Associations. It takes 
one year to get Into ft, another to 
reap the benefits, and the third 
to exploit it. 

Too long a sponsorship also 
has its dangers. When Gillette 
sponsored the Gillette Cup crick- 
et series over a number of yeans, 
it Is said to have run into prob- 
lems since people eventually 
stopped making the connection 
between razors blades and the 
company name. 



..On the question of budgets,, as 
a ride of thumb, &ttm a year is 
said to be the basic needed for 
an effective working annual 
sports sponsorship. 

But it is one thing wanting 
sponsorship, and another getting 
It. In established sports, sponsors 
tend to be lined op well in ad- 
vance. When vacancies appear - 
as they do when a sponsor has 
met his objectives, say, or run 
out of finance - they are snapped 
up fast. 

After Liverpool Victoria Insur- 
ance, for instance, set its sights 
on bowls, a sport newly -discov- 
ered by television, it had to wait 
six months for the chance. When 
the opening came, the company 
signed within the week. Little 
wonder, then, that when Today 
newspaper pulled out of the 
Football League In- unseemly 
haste after just one of its three 
year commitment, a choice of 
sponsors emerged from nowhere. 


Barclays, the major clearing 
bank with more branches in the 
UK than there are football dubs, 
clinched the. deal, worth £5m 
over three years, less a fort- 
night later. 

_ Explaining why, chairman 
getting John Quinton said; "It offers 


luring a 

season than arty other sports 
event in the UK. it has 14 live 
televised matches and offers 
enormous scope for our local 
branches and branch staff to be- 
come involved." It is estimated 
that 40 per cent of the League's 
dubs bank with Barclays. 

The Barclays deal underlines, 
too, the growing interest from 
financial services in sponsorship, 
ever since Big Bang opened up 
the financial sector to cut-throat 
competition. "This .sector ac- 
counts for about 80 per cent of 
the growth in the last 12 
months,” says Steve Herrick, 
managing director of CSS Pro- 
motions, the multinational con- 


sultants, which handle the FI 
Canon Williams Honda motor 
racing team and World Series 
Snooker, among others. 

Notwithstanding the state of 
the stock market, Mr Herrick be- 
lieves the trend will continue, if 
perhaps slowed down. "In many 
ways, the financial services have 
taken to sponsorship faster, than 
to conventional advertising or 
below-the-line activity," he says. 

So who else sponsors events? 
Apart, that is, hum staple sectors 
such as alcohol and tobacco com- 
panies (which have used spon- 
sorship to circumvent television 
advertising rules). The answer is 
that there are few company sec- 
tors left that do not. 

Min tel discovered that out oT 4 
sponsoring companies in 1986, 37 
per cent had a turnover of Sbn 
or more, 34 per cent under 
SlOOm, with an even distribution 
in between. 

Tobacco sponsorship remains 


under increasing threat after the 
Sports Council announced last 
year its intention to phase out all 
sports, sponsorship by tobacco 
companies , on radio and televi- 
sion over a two year period. 
However, with a new sports min- 
ister In charge who has less rigid 
views on the subject, this might 
prove harder to achieve than 
they think. 

As more companies jump on 
the sponsorship bandwagon - 
whether to boost company im- 
age, create leads or cultivate cli- 
ent goodwill through business 
entertainment - the problem is to 
find the right sport. 'Everyone 
wants' to discover the next 
snooker or bowls.” says Mr Her- 
rick speaking of two of the most 
popular' television sports. With 
. their cliff-hanging potential and 
low cost of production, they 
have become perfect armchair 
sports. 

Which sports are next for full- 
er exposure? Sports waiting in 
the wings include American foot- 
ball, baseball and croquet say 
the specialists, though one influ- 
ential factor is the interest tele- 
vision takes. Channel 4 has dohe 
much already to boost popularity 
of lesser-known sports. It re- 
mains to be seen whether satel- 
lite stations will quicken the pro- 
cess. Another sport ripe for 
further exposure, according to 
Min tel research into consumer 
preferences, is athletics. 

One solution to the search for 
sponsorship, says 
is. to stage-manage events 
and add an element of show 
business. Colo roll, the home fur- 
nishings combine, has been 
backing the Red Devils, the Para- 
chute Regiment free-fall team, 
since 1984. There has been a se- 
ries of displays, to marie store 
openings for instance, which are 
as much show-business as sport. 

When it comes to understand- 
ing how sponsorship cart work 
for a company, the Japanese 
have shown they known a thing 


or two. Companies like Ricoh, 
Can on and JVC have used pro- 
motion of the company name 
through sponsorship to pave the 
way for product launches in near 
markets. Unlike many American 
companies which are well versed 
in sports sponsorship, Japanese 
corporate names are, in these 
identical to the product. 
Canon, for instance, established 
its name in the UK by sponsor- 
ing the Football League, which 
took it into every football town 
in the country. Then, once, the 
name was familiar, It launched 
its products. 

One golden rule that compa- 
nies sometimes forget is the need 
to market and promote their 
own sponsorship Involvement. It 

is no use handing over the 
cheque as if into a bank deposit, 
and then waiting for the divi- 
dends. The best sponsorships are 
those most worked at. For every 
£1 put in, say the specialises, a 
sponsor must back it with anoth- 
er. 

The National Dairy Council, 
Organisers of the Milk Race, 
(which is Britain’s answer to the 
Tour de France) understands 
this. Promotions are run jointly 
with schools, local education au- 
thorities, council sports and lei- 
sure departments, to coincide 
with the race passing through 
each town. This, togrther with 
live TV coverage, enables closer 
links to be forged between local 
dairies and other bodies that are 
influential as customers and as 
opinion formers in matters of 
nutrition and health education. 

Literature was also distributed 
in schools on nutrition and sport, 
on cycling and health, linking 
exercise, fitness and health to 


other product marketing activi- 
ties. The co-ordinated pro- 
gramme nation-wide thus made 
full use of the budget of 
5750,000. 

* Sponsorship, from Mintel 
Publications, 7 Arundel Street, 
London WCSR SDR. £450 


Television 


Clearer picture 
still needed 


IF YOU look very closely Indeed 
this Christmas during the 
Thames Television broadcast of 
the Jonathan -Miller production 
of The Mikado you will see the 
name of the Clerical Medical As- 
surance Company. But it will not 
be exactly obvious. 

At the beginning of the costly 
programme there will be a refer- 
ence to the fact that it has been 
made "in association’ with Cleri- 
cal Medical, Britain's fifteenth 
largest insurance company with 
S3.5bn in funds under manage- 
ment. At the end of the pro- 
gramme there will be a similar 
on-screen credit. 

The affair of the sponsorship 
or The Mikado is pretty much a 
first for Thames and for Clerical 
Medical, which has been trying 
to increase public awareness or 
its name. It is a telling example 
of where the limits of sponsor- 
ship lie under current broadcast- 
ing regulation and legislation. 

To begin with. Clerical Medical 
was very pleased indeed to put a 
‘substantial' amount of money 
from its 52m advertising budget 
into such a high-profile produc- 
tion. The programme was to 
have been called the Clerical 
Medical Gaia Evening Presents 
The Mikado and, as a result. Mr 
Andrew Harrison, the company's 
marketing manager, expected 
the company name to be carried 
in TV Times and In the televi- 
sion programme schedules in the 
national newspapers. 

Then on the day of the record- 
ing the Mow fell. The Indepen- 
dent Broadcasting Authority de- 
cided it was “not acceptable” to 
have the name Clerical Medical 
in the programme title and Mr 
Harrison had to decide whether 
or not to pull out entirely. 

With the guests almost on 
their way Mr Harrison decided to 
go ahead but the financial deal 
was renegotiated and the insur- 
ance company is now paying 
Thames a rather small sum or 
money for the reduced exposure, 
’Quite frankly its not very valu- 
able. We would not be interested 
again on this basis,” Mr Harrison 
said. 

Mr Tim Brady, who was given 
the task at Thames Television of 


regards it as part 
Inevitable learning process in a 
difficult area. 'Programme mak- 
ers absolutely believe that spon- 
sorship has to be part of the fu- 
ture financing of programmes,” 
Mr Brady argues. 

There is undoubtedly growing 
interest in sponsorship of pro- 
grammes on the part of both 
broadcasters and commercial or- 
ganisations, although opinion is 
divided on just how much mon- 
ey could be realised by such a 
mechanism, 

Last year the Peacock Commit- 
tee into .the future financing of 
British broadcasting pointed out 
that, even in the US, money 
raised from television sponsor- 
ship was small and gave little 
weight to sponsorship as a way 
of funding British broadcasting. 

Mr Kenneth Miles director of 
the Incorporated Society of Brit- 
ish Advertisers, the body repre- 
senting companies which adver- 
tise on television, believes 
sponsorship has an important fu- 
ture role but careful prepara- 


tions have to be made. All three 
parties to the bargain * the 
broadcaster, the sponsoring com- 
pany and. uie viewer - have to 
gain something as a result. 

‘Sponsorship is not something 
to be afraid of. it is something to 
welcome provided it can be kept 
In reasonable balance," Mr Miles 
said. 

The IBA has recently set up a 
working party under the chair- 
manship of Claire Mulholland, 
its deputy director of television, 
to review the present rules on 
sponsorship The working party 
is due to report in the new year. 
At the moment, the possibility of 
accepting sponsorship money is 
limited to factual portrayals of 
"doings, happenings, places or 
things" - a definition that In- 
cludes documentaries but not 
news. There must also be no di- 
rect link between the business of 
the sponsor and the subject mat- 
ter of the programme. 

Mr Michael Checkland, the di- 
rector general of the BBC, has 
also recently made it clear he 
would like to be able to use spon- 
sorship money, particularly as 
"seed money* for independent 
producers. The Government has 
made it clear It wants indepen- 
dents to have access to 25 per 
cent of Britain’s four national 
television channels. 

Mr Checkland is talking with 
the Home Office to try to clarify 
what is and what is not possible 
under the BBC Charter. “I be- 
lieve we should at least be able 
to give sponsorship credits for 
relays of opera from Covent Gar- 
den or the Open College," Mr 
Checkland argues. At tne mo- 
ment the BBC cannot apparently 
carry a sponsor's credit on an 
Open College education pro- 
gramme. 

A further indication that spon- 
sorship on television is becoming 
a live issue came last Tuesday 
when the BBC and the ITV com- 
panies held a joint seminar 
which looked at the whole field. 
The seminar had partly been 
prompted by growing BBC con- 
cern about ‘product placement” - 
the deliberate placing of branded 
products such as beer in visually 
prominent positions in American 
detective series . 

As broadcasters and potential 
sponsors move to try to define 
what is acceptable in terms of 

sponsorship or co-funding of pro- 
grammes, the ground rules on 


sly clarified. 

The European Broadcasting 
Union has a model contract cov- 
ering advertising at televised 
football matches. It specifies, for 
example, that perimeter adver- 
tisements should be the normal 
advertisements that are always 
there and likely to have been 
there from the start of the sea- 
son. 

.But the BBC has in recent 
months been tightening up on its 
portrayal of cigarette smoking 
during sponsored snooker com- 
petitions. Now, when a player 
lights up a cigarette between 
shots, the picture is not shown - 
even at the risk of having to 
broadcast irrelevant shots of his 
legs or the audience Instead. 

Raymond Snorfdy 


Sport in action 


Sponsors are on the ball 


CROWN PAINTS versus NEC 
hardly sounds an attractive soc- 
cer fixture. But Anfleld stadium 
was Jam-packed when Liverpool 
(Crown Paints) and Everton 
(NEC) clashed in the third round 
of the Littlewoods Cup on Octo- 
ber 28. 

Soccer sponsorship has come 
far since the early 1970s when 
Texaco and Watney Mann led 
the way with custom-built 
knockout tournaments. Now 
sponsors prefer to link their 
name to an existing competition. 
The Milk Marketing Board and 
Canon successfully hijacked the 
League Cup and Football League 
respectively. Both achieved high 
profile coverage, with journalists 
and broadcasters using their 
names with abandon. 

The downside, however, is that 
both bowed out at the end of 
their contracts in the wake of 
the Hevsel Stadium disaster in 
Brussels and the fire at 
Bradford's Valley Parade two 
years ago. Today stepped into 
Canon's shoes, but this proved a 
disaster. The liaison between the 
newspaper and the League lasted 
only a matter of months, doomed 
to failure by the reluctance of 
other papers to promote a rival 
. For the moment, the future 
looks bright The panic engen- 
dered by the sudden withdrawal 
of Today's sponsorship after the 
News International takeover, 
gave way to glee as Barclays 
Bank rode to the rescue. The 
gradual emergence of the game 
from the shadow of the thug 
seems to be continuing. But to 
protect its own image, Barclays 
has a get-out clause' if the hooli- 
gins drag English soccer back in- 
to the gutter. 

In the League Cup, littlewoods 



quickly pi 
dropped by 
prising, if 


quickly picked ^up^ the baton 


White Crusader, the British 
Cup In Western Australia 
James Capei, sponsored by J; 


SSfc 

yacht in this year’s Americas 
escorted by her tender, the 
'nates Capei stockbrokers 


the 


prising, if limited, success has 
been the Freight Rover Trophy 
for teams in the lower reaches of 
the League. Freight Rover has 
professed itself pleased with ex- 
posure received, while dubs in- 
volved have an extra chance to 
for a coveted Wembley cup 


en. A sur- criticised in its early days, 
early graduates are being 


final place, in front of a larc 
crowd However, attendances m 
the preceding rounds have been 
lamentable Lowest turnout in 
the 1965/86 competition was just 
150, for Halifax v Lincoln. 

Shirt advertising has proved 
highly attractive There is hardly 
a team in the land which does 
not carry a company or product 
name, or even a slogan. But this 
could . prove less lucrative for 
League clubs in future. Soccer, in 
edited highlight form, is not the 
audience puller it was and has 
all but disappeared from our 
television screens. Only the At- 
tractive big name teams, like 
Liverpool, Manchester United 
and Tottenham are guaranteed 
the TV exposure sponsors covet. 

Crown Paints must be well 
pleased with their investment 
Liverpool have won every com- 
petition going in the last few 
years, and look set for renewed 
dominance of domestic football 
with their expensively rebuilt 
side. Not all tie-ups have been 
totally successful, however. Sou- 
thampton Town blushed when 
‘Air Honda went into a tails pin. 



they are no longer involved with 
Guinness. 

One lour-key sponsorship is 
General Motors’ patronage of the 
FA's school of excellence. Much 


up by senior clubs. 

Athletics is a prime example of 
how sport and Industry can help 
each other. Just 15 years ago, the 
thought of commercialising Brit- 
ish athletics horrified purists, 
and the sponsorship of events 
was spasmodic. In 1971, interna- 
tional hurdler Alan Pascoe and 
PC Andy Norman wrested 52,800 
from Visionhire and the BBC for 
the Phillips Night of Athletics. 
This was an early Instance of a 
tailor-made marketing package 
aimed at creating a symbiotic re- 
lationship between sponsor and 

sport. 

Packages have been successful, 
partly thanks to the efforts of 
consultancies like Alan Pascoe 
Associates. APA, having realised 
the huge marketing potential In 
athletics, won the marketing 
rights for British Athletics with a 
guarantee of a 53m input over a 
five year period. 

The health boom, marathon 
mania and the burgeoning lei- 
sure industry have contributed 

to the growth in athletics and its 
appeal to sponsors. But the top 
athletes have contributed most 
Athletes like Sebastian Coe, 
Steve Cram and Fatima Whit- 
bread have catapulted Britain in- 
to the top five in world athletics. 
Their success sparked off popu- 
lar interest, mid greater media 
coverage - a tempting prospect 
for sponsors. 

There is a danger, however, 
that athletics will become over- 
dependent cm sponsors. Once sat- 
uration point is reached, and 
public interest wanes, TV cover- 
age will fall, as will the attrac- 
tion to sponsors. British athleti c s 


lives in the shadow of such a 
threat. 

ITV has had a monopoly of 
coverage of UK domestic events 
since 1984, paying 5l0m over 
five years for exclusivity. The 
BBC has increased coverage of 


the Mobil's European Grand Prix 
circuit. Overall, TV exposure has 
surged dramatically, but the 
quality of performance has riot. 
There is evidence that the view- 
ing public is tiring of mediocre 
non-competitive meeting. 

-To keep sponsors' interest it 
might be necessary to cut back 
the.quantity of coverage, and im- 
prove quality. - of perfor- 
mance.For athletics to continue 
thriving, sponsors must be 
brought into every level of the 
sport, from regional to national, 
from youths to veterans. As Alan 
Pascoe says: "Once you have 
funded the shop window, it is 
critical that you provide for the 
future by funding other dements 
of the sport, building it up in 
depth and breadth.” 

Of the six sponsois currently 
involved in major British events, 
Pearl Assurance, Peugeot Talbot, 
Kodak, McVities, Dairy Crest and 
Girobank, the latter two do their 
bit for the grass roots, sponsor- 
ing British junior televised 
events and the Young Athletes 
League respectively. 

This year the British Dairy 
Council doubled its involvement 
in junior athletics by sponsoring 
both the English and Welsh 
Schools championship, and the 
finals of the Schools Cup. At se- 
nior level, HFC is sponsoring ar- 
ea leagues, while long-term spon- 
sor of the National League, 
Guardian Royal Exchange, has 
renewed its contract. Securioor is 
sponsoring The Sprinting for 
Britain Challenge, to find the 
fastest 13- 15-year-old boy and 
girl in the country. 

The money being ploughed in- 
to British athletics is paying divi- 
dends. British athletes won no 
fewer than nine gold medals in 
this year’s junior European 
Championships. On the track at 
least, Britain finished ahead of 
East Germany and the USSR. 

Brian BoBen and 

Nicky WRUnmson 



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33 


( BUSINESS SPONSORSHIP 3 ) 


The future for arts sponsorship is bright, despite some risks, writes Antony Thorncroft 

Hunt is on for imaginative tie-ups 


THE ARTS and l£mmon are 
locked In an embace which, 
give or take the txJUtch, is pro- 
viding mutual plasure. In 10 
years, the amount? money that 
business has investd in the arts 
has grown from wll under Aim 
a year to approach!# £30m. 

If you add in tfc money spent 
by companies or entertainment 
at, and promotio of, the events 
they help to fiirnce, the actual 
expenditure wflhlmost double. 

Around 900 .‘ompanles have 
had some ex>erience of arts 
sponsorship, ari the Associati o n 
for Business Sponsorship of the 
Arts - which las laboured for II 

K s to act s an honest broker 
een theiwo sides - Is confi- 
dently forecscing that by 1992 
business mfcht well be under- 
writing the its with SfiOm. 

Of couraerach success has cre- 
ated problems. With business ral- 
lying rourf so enthusiastically, 
the goversnent, the main pay- 
master ofthe arts, has seen the 
chance tr’make savings. Succes- 
sive artf ministers have main- 
tained nat corporate sponsor- 
ship is : supplement rather than 
ar subsitute to the money the 
government provides for the 
Arts council and the national 
museuns. But it has increased 
its expenditure on arts (ignoring 
t^e nillions of pounds pumped 

gg tew British Library) by 
inflation for the past 
rs. 

ow raised the spectre of 
funding, under which 
onies must prove, their 


efficiency by boosting their in- 
come, through- sponsorship 
among other means, in order to 
receive government aid. This 
policy, which has not been com- 
pletely thought through, has. al- 
ready started a political row in 
the arts world, who should ad- 
minister challenge funding - the 
Arts Council or ABSA? 

The Arts Council has the expe- 
rience bat ABSA has been run- 
ning the Business. Sponsorship 
Incentive Scheme, a form of 
challenge funding which has 
raised almost £J6m of new mon- 
ey for the' arts In three yean. 
This year the BSIS exhausted the 
SI. 75m advanced by the Govern- 
ment in less than six months, to 
great embarrassment. The 
scheme is being re-thought for 
1986-89 and the hope is that the 
budget will be raised to nearer 
55m. But if this happens, the 
Arts Council may well have to 
make do with a frozen grant. 

It is -a pity that politics has 
entered. the funding of the arts. 
On the ground, the relationship 
between business . . and arts 
groups Is good. Against expecta- 
tions, many of the keenest spon- 
sors axe medium and small com- 
panies operating in the regions. 
The big national companies 
based in London have not 
creamed off all the money. The 
BSIS has gone out of its way to 
encourage new sponsors support- 
ing imaginative, even 
avant-garde, arts companies. 

The trade union, Nalgo, quali- 
fied for a BSIS top-up by sup- 



Out damned spot 


porting a play at the Young Vic; 
solicitors, for example Nor- 
thampton based Howes PercivaJ, 
were rewarded for helping a tour 
by the Orchestra of St John's 
Smith Square; and Eurotunnel 
has become a speedy arts spon- 


sor, sweetening the local commu- 
nity by contributing towards a 
concert at Leeds Castle in Kent. 

It would be naive to think 
there are no problems in the in- 
creased dependency of the arte 
on business sponsorship. Institu- 


tions like the Royal Court and 
Stratford East theatres have at- 
tracted few sponsors - their com- 
mitment to anti-Sstablishment 
plays has scared off potential 
backers. There are also compa- 
nies - the new English Shakes- 
peare Company comes to mind - 
which have made their existence 
very dependent on the loyalty of 
one commercial friend, in this 
case the Allied Irish Bank. _ 

Arts groups do not consciously 
succumb to the pressures of 
would-be sponsors, but probably 
gear their programming to more 
commercial work In order to of- 
fer potential backers a more ap- 
pealing h ack drop for entertain- 
ing customers, existing and 
prospective, and friends. There 
has also grown up the practice of 
sponsorships lasting just three 
years. After that, companies feel 
they have done their bit and 
look for pastures new. This can 
leave arte groups feeling finan- 
cially vulnerable. 

Considering the risks, howev- 
er, there are many more satisfied 
partnerships than unhappy cou- 
plings. Knowledge on both sides 
nas increased tremendously, 
helped by specialist companies 
in this field. Advertising agen- 
cies, like Saatchi & Saatcni, now 
have subsidiaries which compete 
with established firms like Kalla- 
way, in the organisation of the 
big events. 

Entertainment has become of 
paramount importance. Business 
deals completed on the basis of 
introductions forged at Glynde- 


bourne or Covent Garden are 
now common. This is a good 
thing since the other major rea- 
son for arts sponsorship • media 
publicity - has often proved, dis- 
appointing 

The BBC, in particular, is re- 
luctant to mention sponsors, as 
Harveys of Bristol knows to its 
cost. For many years it has back- 
ed the Leeds Piano Competition 

and indeed has officially 
changed the name of the event 
to the Harveys-Leeds. But when 
it evaluated its publicity from 
the recent contest, it had been 
credited in only 18 newspapers 
as against 316 which referred to 
the event as just the Leeds. It 
blames the BBC for dropping the 
link in its listings, as well as in 
its coverage. 

Not every sponsor seeks. a mar- 
keting advantage from its aid: 
Marks & Spencer is still happy to 
do good mainly, by stealth, with 
the 5500,000 it pumps into the 
arts each year concentrated on 
youth ven hires in deprived parts 
of the country. But, increasingly, 
sponsorship forms part of the 
overall marketing budget (this 
way it qualifies for tax relief) 
and the investment is evaluated. 

Some companies, Mobil, for ex- 
ample, with its touring theatre, 
actually goes some way to re- 
couping its expenditure. Its pro- 
duction this year, Rosencrantz 
and Guildenstem are Dead, 
which visited many provincial 
cities, enabling Mobil to enter- 
tain contacts, made it to the 
West End for a brief run. 



Dave Willetts, the new 'Phantom' of the Opera, is helping 
to publicise Help die Aged's new sponsorship brochure 
(itself sponsored by Barclay’s Bank). 


Another company to extend its 
arts sponsorship into every part 
of its marketing is Digital, the 
American computer company, 
which is the leading supporter of 
dance in the UK. Lloyds Bank, 
too, is advertising extensively its 
aid, totalling £500,000, for the 
Art In Plantagenet England exhi- 
bition. 

The future for arts sponsorship 
is bright. The government is un- 
likely to allow any additional tax 
relief on giving to Lhe arts - and 
those already announced to en- 
courage individual giving are too 
small and too complicated to 
have much impact, but there is 
still considerable mileage in be- 
ing linked with arts ventures. Af- 
ter all, the arts are one of the 
great British success stories. It is 
significant that foreign compa- 
nies, especially the Japanese, 
have been very generous in their 
aid. The V & A and the British 


Museum have been major gain- 
ers. 

The hunt is on for more imagi- 
native arts tie-ups. Competitions 
are the favourites, especially 
those which might attract 'the 
television cameras: supporting 
yet another orchestral concert 
has lost its appeal. The arts still 
9ell themselves too cheaply. 
When substantial sums are in- 
volved, like the £100,000 usually 
needed to back a new opera pro- 
duction at Co vent Garden, spon- 
sors are thin on the ground. 

They should raise their sights, 
and invest in success. Companies 
will find arts groups ready to 
meet them half-way - and more: 
but they would be foolish to ex- 
ploit the current poverty of most 
arts organisations. They should 
not let the Government shirk its 
responsibility in underpinning 
this national treasure. 


/ 


Sports Council 


Move to 
‘communicating 
through sport’ 


ATTITUDES TO sports sponsor- 
ship are changing. Derek Ether- 
in gton, the Sports Council's 
sponsorship consultant, says that 
not so long ago the crucial ques- 
tion for a potential sponsor was: 
"Shall we get on TvT The at- 
traction of- a few hours' prime- 
time viewing with the company 
logo showing up big every few 
minutes was irresistible. "But 
now," Mr Etherington gays, "of 
Britain’s L600 major sports spon- 
sors, only one in It gets TV . 
time”* . v. : .* L \ 

Mr Etherington, former mar- 
keting director of Ladbrake, says 
that sponsoring companies are 
obviously finding ways of con- 
tacting consumers in a different 
way. He sees a future in which 
the word "sponsorship" will be 
replaced by something called 
called CTS - "Communicating 
Through Sport”, an operation 
which will bring local sponsors 
in touch more effectively with 
people. 

TV has always been the real 
lollipop of sports sponsorship. 
Why did John Player pull out of 
the Sunday League county crick- 
et matches? When the tobacco 
company originally took over the 
competition,, they were guaran- 
teed coverage of an entire game, 
ball by boll, on BBC2 every Sun- 
day afternoon id the season. This 
was reduced when Sunday after- 
noon Grandstand was intro- 
duced. with several Sunday 
sporting events featured, includ- 
ing bits of cricket. "I don't know 
whether this influenced Player's 
decision to pull out, but it may 
have,” says Etherington.” 

If success is to be c alc u l ated by 
figures, then it seems there is an 
unanswerable case for sports 
sponsorship. In five years the 
money going into UK sport has 
risen m>m s50m a year to £160m 
and that is only the “up front” 
figure. Adding the cost of mar- 
keting, promotion and other fac- 
tors, gives £350m a year, about 
10 per cent of all Tv and press 
advertising in the UK. 

What do both sides get out of 
It? The classic example is the 
sponsorship of the five day Test 
cricket matches by Comhill In- 
surance which turned this com- 
pany, little known outside the 
City of London, into a household 
name. And Comhili’s investment 
in what dedicated fans call "real 
cricket” probably saved the five 
day game. John Player's sponsor- 
ship of Rugby Union with the 
John Player Cup made the game 
more competitive than ever be-' 
fore and set the mandarins at 
Twickenham thinking more seri- 
ously about the issues of ama- 
teurism and professionalism. 

So it is a two-way traffic. Not 
so very long ago, a senior execu- 
tive or Trust House Forte told 
media-people at the launch of a 
new horse-racing “ 


ponsorship is not a char! 
ititution/ 

Mr Etherington. at the Sports 
owcil echoes this when he 
is: "A company will ask *What 
all I buyf Sometimes you will 
ve three answers Co this 
lich, combined, will give you 
e right answer. A company 
airman looks for something 
tich will extend the range ana . 
age of his company and at the 
ne time thinks of nis own per- 
lal sports interests. The sales 
d marketing people have their 
m ideas wnich are obvious, 
id the PR and community af- 
ire people have their own 
ich softer interests - local op- 
rtunity, staff morale and bet- 
- communications.” 


Mr Etherington believes that 
with these three interests work- 
ing together a successful spon- 
sorship package can produce ad- 
vantages for both sides. To go 
back to the classic example of 
cricket: not so many years ago, 
the career, of a good county pro- 
fessional was no bed of roses. His 
pay . was not all that good and he 
certainly saw none of the glitter- 
ing prizes that soccer stars could 
rely on. Older pros' have written 
about staying at down-market 
boarding house* for an away 
game and travelling to the 
ground in a tramcar. 

Sponsorship, some people will 
argue, has played a- big part in 
changing all that Pay is better 
and the three limited over com- 
petitions, sponsored by Benson 
and Hedges, Nat West Bank and 
Refuge' Insurance (which took 
over the Sunday League from 
John Player) offer good prize 
money. Some professionals are 
picking up six-figure jackpots 
from their benefit and testimoni- 
al seasons. 

Snooker could never have ris- 
en from a slightly superior bar 
game to an international sport 
with- an audience of millions 
without television and the spon- 
sors: Now it turns taciturn young 
men. in waistcoats into million- 
aires faster than the textile in- 
dustry did when, soldiers started 
wearing khaki 

Where do we go from here? Mr 
Etherington says the biggest 
growth area in sponsorship is in 
“the money business” - the 
banks, insurance companies and 
finance houses. General Accident 
is deeply involved in horse rac- 
ing, NatWest in cricket, insur- 
ance brokers Stewart Wrighton 
sponsors the Army and Navy 
rugby games, an appropriate 
choice since one of its specialist 
fields is selling insurance policies 
to servicemen. 

The world of sport will always 
include more than its ration of 
entrenched reactionaries. There 
are still some who see what ap- 
pears to them as the takeover of 
a sport or a dub by big business 
as somehow un-British. But 
moods are changing.- How many 
lowly League soccer dubs on the 
brink of bankruptcy were saved 
by a last-minute injection of cash 
from a local company with mo- 
tives that were not entirely al- 
truistic? After all, it could not do 
the company's image and sales 
much harm. 

At the top of the tree. Queens 
Park Rangers, the West London 
club guided to the path of suc- 
cess by Terry Venables, are now 
struggling with Liverpool and 
Everton for the First Division 
championship. How far did Ven- 
ables 1 £500,000 deal with Guin- 
ness, master-minded by Ernest 
Saunders a . few years ago, put 
the dub; on the glory road? 
There is no answer to this. 

What makes a winner? True 
grit or sponsorship? Whatever 
the answer, Mir Etherington sees 
new growth areas - the food 
companies which have been slow 
to make their claims and the cos- 
metics and toiletry interests 
looking for women 9 sports to 
take under their wing. 

He makes an important point 

you S approached ^Rolls-lloyce and 
asked them for some sports spon- 
sorship, they would probably 
look for a sport with followers 
who can afford to buy a Rolls. As 
the man said, sponsorship is not 
a charitable institution. 

Alan Forrest 


“Quick, my 

reading glasses 

the phone’s 


ringing 




Hie trouble with telephones is they’re all 
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It sounds like something in the future, but 
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The 8750 is a digital switching system that 
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Plug your desktop computer into your tele- 
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You can then tap into your own data sources, 
or access external data services such as the Stock 
Exchange or Reuters (to name but two), whilst 
'discussing matters with someone at the other end 
of the line. 

Problem-solving is speeded up because the 


8750 lets you rapidly pull together all the data you 
need to make decisions. 

Less time is wasted on tele xing and faxing . 
And since the 8750 works as well between floors 
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. The 8750 can handle up to 3,000 exten- 
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But the 8750 is much more than an advanced 
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As that day gets nearer it may be useful to 
remember two things. 

First, so. its customers stay ahead of the 
game, IBM is building on the 8750 to develop 


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| For more informal ion and a copy of tire F.xrrulhr Guide to iho { 

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Financial Times Mon my. November 9 1 987 


BUSINESS SPONSORSHIP 4 


A surprising partnership 

Singing the praises 
of a beefed-up image 




Roval Shakespeare Comparff 

Is this a red shield 
I see before me? 


A MATCH between a company 
selling bulls' semen to cattle 
farmers and a regional opera 
company producing Cosi fan 
tutte sounds unpromising, but 
has proved to be one of the sur- 
prise success stories of business 


operatics group based in Ayr- 
shire, Scotland, had planned an 
ambitious production in April 
this year of the Mozart opera, 
involving the Scottish National 
Youth orchestra, making its first 
appearance in a theatre pit. Elis- 
abeth Schwarzkopf, the worid-re- 
n owned soprano and Opera 

West’s honorary president, of- 
fered to travel from Germany to 
tutor the company in rehearsal. 
But the project was ready to 
founder without a swift injection 
of cash. 

Rescue was at hand in the 
form of Semex (UK Sales) the 
largest independent artificial in- 
semination company in the UK, 
but still a relatively small con- 
cern with some 30 staff based in 
the village of Dalrymple. 

Gavin Miller, Semex 's promo- 
tions co-ordinator, says the com- 


pany had no direct experience of 
sponsorship outside of awards 
for local children's events: *We 
felt we had reached a stage 
where we were well known to 
qur customers through agricul- 
tural press advertising, but hard- 
ly known at all in our own back- 
yard." 

The proposition put to them 
by Opera west “seemed to have a 
lot going for it": it was the first 
time the National Youth Orches- 
tra had been in a pit and the 
associated prestige of Schwarz- 
kopf “was bound to attract media 
attention.” 

Mr Miller admits that the deci- 
sion to offer the company a 
sponsorship package worth 
£15,000 over three yearn was not 
entirely motivated by a desire to 
bring culture to the citizens of 
Ayr. Evangelism of a different 
land was involved. 

"When people discover what 
we do it tends to produce a snig- 
ger. We wanted to educate them 
about the company and the ben- 
efits of artificial insemination in 
general’ 

In the run-up to the show the 
company benefited from the oon- 


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siderable press coverage on the 
arrival of Schwarzkopf. During 
the course of the production it 
mounted a display in the foyer 
of the Gaiety theatre and if the 

audience were left in any doubt 
as to the company’s business a 
banner bearing the legend “Se- 
mex breeds success’ filled them 
in. The company was also able to 
take clients to the performance 
and afterwards to back-stage par- 
ties. 

In the longer term, over the 
three-year sponsorship period. 
Opera West’s stationery bears 
the Semex logo. 

The potent combination of dis- 
seminating art and artificial in- 
semination produced consider- 
able publicity in local papers, in 
the agricultural bade press and 
in the Glasgow Herald. Further 
exposure followed when Richard 
Luce, the Arts Minister, present- 
ed the company with a Business 
Sponsorship Incentive Scheme 
award which matched the com- 
pany's £5,000 with government 
money. 

Inside the company reactions 
to the project initially were 
mixed. Mr Miller admits there 
were “a few raised eyebrows.” 
but the wisdom of beefing up the 
company image in such a cre- 
ative way was soon appreciated 
and the majority of staff attend- 
ed the show. 

The knock-on effect from the 
press coverage has been signifi- 
cant Mr Miller says that recruit- 
ing is far easier because the com- 
pany is now well known locally. 

As to Semex 'a future commit- 
ment to sponsorship, Mr Miller 
says the company is now firmly 
convinced of its benefits and will 
investigate other ventures, but to 
the relief of sports commentators 
nationwide adds: “1 don’t think 
-the day will ever come when 
Glasgow Rangers run out onto 


• • j. ", - , . .. 














.mam. 


t, ■ 

. V'i 




the pitch at the Cup Final wear- 
ing Semex emblazoned on their 


shirts." 


AJRson Lobbett 


. . . & ■*!■' ■. . 

. • ■ • • £:y' • . .-a • 

Christ on Cross, late 13th century. Lent by VIA to Royal 
Academy of Arts exhibition, thp Age of Chivalry. Lloyds 
Bank is spending S400,000 on sponsoring the exhibition 


FEW ARTS groups can have 
made such an impact In recent 
yean, both nationally and inter- 
nationally, as the Royal Shakes- 
peare Company. As its reputa- 
tion has grown, so have Its 
activities: until this year it was 
operating in six theatres - three 
in Stratford-on-Avon and three 
in London. 

The problem with such an ex- 
pansion, however, is that it 'de- 
pends on constantly rising reve- 
nues, both from the box office 
and from subsidy, The RSC has 
been very effective in generating 
its own income and relies on 
subsidy for less than 40 per cent 
of its income Butin 1986 it had a 
disastrous year at the box office 
in its show case Barbican the- 
atre, and this summer had 
amassed a deficit of over £lm on 
a turnover of around £15m. 

It has been partly rescued by 
Royal Insurance which has 
agreed to pump in £l.lm in 
sponsorship over three years, 
with the emphasis on an. annual 
four week national tour to the 
main cities, something the RSC 
has been unable to contemplate 
in recent years. 

For its cash - the biggest single 
sum committed by a commercial 
company to an arts organisation 
in the UK - BI becomes the sole 
overall sponsor of the ESC, with 
its symbol of a red shield appear- 
ing on -all RSC publicity. It has 
had experience sponsoring the 
RSC in the past, with the Arm- 
chair proms which were de- 
signed to get the young into the 
Barbican at bargain prices, but 
this time the relationship will be 
very dose. 

The Royal might end up 
spending nearer £2m through 
buying tickets, entertaining at 
the various provincial ports of 
call, and advertising the link. It 
will expect the RSC to co-operate 
in its own advertising campaigns 
- it might, for example, use RSC 
actors in its own marketing. En- 
tertainment is very important 
but so is the public exposure of 


Charities 


Talking sponsors’ language 


• eooeooerrn 

2 obo* 09 o J.JQ 6 

2 oottsoo n -j- -1 

• SS5SSSS British 

• SSSSSSS Council 


THE RELATIONSHIP between 
business and charity until rela- 
tively recently could have been 
summed up by the image of an 
enthusiastic, tweedy lady appeal- 
ing to the better nature of a suc- 
cessful man with a cigar. But in 
an economic climate which en- 
courages the survival of the fit- 
test, those caring for the helpless 
and supporting the unprofitable 
cause have been obliged to make 
a swift entry into the commer- 
cial arena to compete for spon- 
sorship. 

Charity is now big business. In 
1986 receipts totalled £L2-65bn, 
with some £200m donated by 
corporate sources. As charities 
have woken up to the idea that 
more funds can be raised from 
working closely with companies, 
so businesses nave realised that 
giving to charity can be more 
than a social duty. 

The British Lung Foundation 
epitomizes the new attitude to 
sponsorship. Dr Malcolm Green, 
the charity's chairman, stresses 
BLF is geared towards ‘giving 
sponsors something for their 
money". Its latest venture has al- 
ready been named sponsorship 
of the year, which means that 
British Airways will back a pro- 
duction of Cinderella at Covent 
Garden with the charity collect- 
ing an estimated £150,000 pro- 
ceeds from the December gala 
opening. 

Dr Green has noticed a dra- 
matic change in the approach to 
sponsorship: "quite often it was a 
personal link, say the chairman's 
wife’s favourite cause, which 
used to trigger a sponsorship. 
Now charities are far more busi- 
nesslike and companies far more 
switched on to the commercial 
possibilities." 

But he warns that sponsorship, 
however generous, does not offer 
a satisfactory alternative to prop- 
er government support for medi- 
cal research. The case in respect 
of medical charities is particular- 
ly dangerous - business is in- 
creasingly sympathetic, but the 
Government should match its 
contributions." 

Most charities ore not in a po- 
sition to be selective about their 
patrons, but when there is a logi- 
cal link between cause and spon- 
sor the results can be particular- 
ly fruitful. 


Two years ago. Pearl Assur- 
ance set up their Parentcare 
Club to raise money for the 
NSPCC to establish a national 
network of child protection 
teams. To join, parents make a 
minimum donation of £5 to the 
National Society for the Preven- 
tion of Cruelty to Children, far 
which they receive a quarterly 
magazine and a voucher book of- 
fering savings against several bar 
bycare products Including the 
first premium on a Pearl child 
savings policy. 

The dub has already raised 
more than £350,000 for the 
NSPCC and the company says it 
has proved a highly successful 
way of generating new business. 

Another product-promotion 
sponsorship success was scored 
last Christmas by Dr Barxiardo's 
and Timex which ran a press 
and point of sale campaign un- 
dertaking to make a donation for 
every watch sold towards a new 
children's home, guaranteeing a 
figure of £75,000. Dr Bill Beaver 
of Dr Bamardo’s said: “Timex 
wanted to involve their retailers 
more and we offered them a 
marketing solution.” 

This example of a charity 
talking the sponsor's language 
and working with a company to 
meet commercial criteria, is 
spreading as organisations real- 
ise that a positive proposition 
generates more response than a 
cap-in-hand appeal. 

The more constructive attitude 
amongst companies towards 
charities is typified by American 
Express. This year the company 
Is sponsoring St John Ambulance 
for S0.5m. offering the charity 
its expertise in a number of ar- 
eas including the organisation 
and funding of a national adver- 
tising campaign. David Barnes, 
UK corporate relations manager, 
says: "American Express has 
more to contribute than simply 
money - practical help can 
stretch much further.” 

Richard Radcliffe, charity ser- 
vices director of the Charities 
Aid Foundation, is convinced 
that far greater funds could be 
accessed if charities became 
more businesslike and if compa- 
nies were aware both of the 
enormous tax advantages at- 
tached to projects involving an 
"element of goodwill" and the 
"pulling power" of a good cause 
harnessed to a commercial end. 

The World Wildlife Fund 


pandas, competition far sponsor- 
ship can be double-edged, with 
some causeG - often the most 
needy - proving too unpalatable 
for most companies. 

Sarah Woolf, direct marketing 
executive of Action on Smoking 
and Health (ASH), voices the 
anxieties of many charities: "It la 
very easy for ua to get support 
for projects related to. children, . 
but others are more difficult. 
There is a danger you’ll gear 
what you're doing towards some- 
thing you can find sponsorship 
for, not something that really 
-needs doing’ 

Small charities working in less 
marketable fi elds such as drug 
abuse find the problem particu- 
larly acute Their staff are ex- 
perts in caring, but uncomfort- 
able in a marketing environment 
and their budgets will not justify 
hiring a professional fundraiser. 

A recent solution has appeared 
in the shape of Charity Projects, 
founded to raise money for "un- 
attractive* causes such as alco- 


holism and homelessness. Jane 
Tewson, founding director, had 
worked with other charities and 
saw a need for an organisation 
which could offer sponsors what 
they would expect from their 
other marketing ventures - a tar- 
get audience, publicity and an 
image boost. 

To date. Charity Projects has 
jet., up tho hugely .successful 
Comic Relief and the Great In- 
vestment Race, backed by Pru- 
dential Hoibom Unit Trusts, 
which has raised some £%ra 
from City institutions. All money 
Jane Tewson points out, that 
would not otherwise have been 
available to the voluntary sector. 

Whether this new commercial 
edge to charity eventually brings 
about more Innovative joint ven- 
tures or the collapse of small 
charities which cannot compete, 
one thing is certain - the days of 
the well-meaning amateur are 
numbered. . 

AJftaon Lobbett 


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the RSC. Around L2m people see 
its performances each year and 
they will not be allowed to forget 
that the Royal is a major sup- 
porter of -the company. 

Far the RSC there was one ma- 
jor drawback about the Royal 
sponsorship: it might have 
frightened off other potential 
backers. This year its tour to 
smaller venues will be supported 
with 5140,000 from Nat West 
Bank. But the' bank feds that, 
after five years, it has done its 
bit and the RSC is looking for a 

new sponsor for this enterprising 
event which takes the company 
to .venues such as Newbiggin-by- 
Sea arid Stoke-sub-Hamden. 

The RSC is also finding it har- 
der to get sponsors for new pro- 
ductions, mainly because compa- 
nies want to be associated with 
tailor-made events, rather than 

one-off connections. 


The Row’s money prevented 
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derwriting \e regional tour, its 
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ment fund Ihich will act as a 
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ters future firXncial setback! 

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FteiiJoalTimcsMooday November 9 1987 


35 


BUSINESS SPONSORSHIP 5 ) 



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Jacky BmJw (standing) wan i 


by id as office skills Instructor at FUempioy Lewisham Project 


Inner city charities 




■■ 

kli --V- 
?■ •>- ‘ ? 


Enlightened self-interest 


*. 


CORPORATE sponsorship of 'So- 
cially responsible* . prefects and 
causes, often in the inner cities, 
is on the verge erf a -dramatic 
expansion. 

The expansion is needed If' 
British business Is to match the 
community-giving performance 
achieved in the US, where the 
average level is 1.7 -per cent of 
pre-tax profits, compared with 
our, 0.1 per cent. However, three 
factors suggest that the opportu- 
nities to close the gap are there. 

Government is pressing the 
private sector to play a leading 
part in ambitious partnerships to * 
bring about urban renewal And 
new initiatives are in hand, such . 
as the Prince’s Youth Business 
Trust, to raise mlHioas of extra 
pounds tram corporate sources. 

Second, the boardroom mood 
is more favourable than ever, 
judging by the widening circle of 
companies that are committing 
themselves to socially responsi- 
ble policies, and the .attention 
that the question of urban re-, 
newal received at the Confederar 
tion of British Industry’s annual 
conference in Glasgow recently. 

A resolution was passed calling 
for further steps to promote the 
partnership between the public 
and private sector on urban re- 
newal. The CBI also announced 
the getting up of a task force to 
report on improving the effec- 


tiveness of private sector In- 
volvement. 

The Per Cent Club of compa- 
nies which have pledged to 
spend up to 1 per cent of their 
pre-tax profits on socially re- 
sponsible . sponsorship, snows 
continual growth and nas passed 
the 100-member mark. In the 
City of London, the annual Drag- 
on Awards Scheme was launched 
in July by the Lord Mayor. Statu- 
ettes will be presented to firms 
with headquarters in the square 
mile which have contributed sig- 
nificantly to the improvement of 
community; life ana employment 
opportunities in the year. 

. The third favourable factor Is 
that expertise and effective 
means or delivery ftvfwt, hat 
been fashioned in the 
since 1980-81. 

In 1980 Business in the Com- 
munity was set up by a number 
of companies to promote the 
concept of socially responsible 
sponsorship and to help the pri- 
vate sector shape Its policies and 
put them into practice during a 
time of recession and mounting 
unemployment. The inner city 
riots of 1981 jolted marry more 
companies into participation. 

The Local Enterprise Agency 
network is virtually the creation 
of private-sector sponsorship In 
the period since 1981, and Is 
upon the pioneering work 


of PiUdngton which in St Helens 
set up one of the first of the 
- LEAs in the late 70s. Sir Alistair 
Pilkington was a founder mem- 
ber of BIG. 

There are some 250 LEAs 
throughout the country, spon- 
sored in total by around 8,000 
companies. The LEAs' function 
is. to help would-be entrepre- 
neurs start up in business, and 
support them with a range of 
services. Seats on the boards of 


terest loans to approved projects 
re Duildix 


to help restore 
sites. 


llldirigs and 


partnership principle^ 
include local government os 1 
as companies. 

But the LEAs represent just 
one aspect of sponsorship. It also 
includes support for housing 
projects, education, training, job 
creation, the advancement of 
ethnic minorities, provision for 
disabled people, conservation' 
schemes, loan funds far start-up 
small businesses, low-rent work- 
space units, and award schemes 
to promote enterprise. 

in Halifax in Calderdale. a- 
partnership which- includes BiC 
is attempting to put new heart 
Into the Darongh through a pro- 
gramme of refurbishment and 
renewal One of its main backers, 
Row n tree Mackintosh, has 
Joanad £2001000 interest-free to 
the partnership to fund low-in- 


Sponsorship is not always giv- 
en wholly in cash. It may also 
take the form of secondment of 
staff to organisations and proj- 
ects, donations In kind (comput- 
ers are a favourite), and assets 
such as premises. 

Along with BiC and the LEAs, 
many other organisations receive 
sponsorship to carry out socially 
responsible work. These include, 
The Prince's Youth Business 
Trust, Project Fullemploy, which 
helps ethnic minorities with 
training and employment, Action 
Resource Centre, which pro- 
motes secondment as one of its 
activities, the Shell UK-backed 
Livewire national competition 
for young entrepreneurs, individ- 
ual community programmes, and 
community trusts. 


Sponsors 
tivated by 
esL In 
urban 
conference, 
chairman of 


that they are mo- 
itened self-inter- 
the resolution on 
at the CBI annual 
Patrick Sheehy, 
BAT Industries, 


said: ”We cannot stand aside 
horn difficult social problems, if 
only because the health oE the 
society in which we live as citi- 
zens, and operate as business- 
men, Is crucial to our success 
and well-being.* 


Given this philosophy, it Is a 
matter of little surprise that the 
clearing banks, with their stake 
in local communities through 
their branches, are leading spon- 
sors of the LEAs, particularly 
with secondee support. Among 
the high street retailers, Marks & 
Spencer and Boots are prominent 
sponsors of LEAs. 

Socially responsibility sponsor- 
ship builds upon the older tradi- 
tion of charily giving that has 
been a feature of British indus- 
trial philanthropy since the nrid 
nineteenth century. In the posfc- 
Second World War decades the 
pendulum swung towards state 
provision, but the climate of the 
present times, and favourable 
changes in taxation, Including 
the innovation of payroll-giving 
for employees, appears to be res- 
toring a fashion. 

The Charities Aid Foundation 
would like to see more done by 
the corporate sector for Its 
causes. Michael Brophy, director 
of CAF, in his foreword to Chari- 
ty Trends 1986-87, complains 
that the total pool of contribu- 
tions frown the corporate sector 
to registered charities is less than 
5200m out of an estimated total 
income for 1985-86 of over 
&12bn. 

Alexander McDonald 


Tobacco companies 


Anti-smokers lobby 


TELEVISION VIEWERS of the 
recent Grand Prix snooker tour- 
nament - won by 18-year old Ste- 
phen Hendry - might have been 
forgiven for wondering what had 
happened to the sponsor's name, 
which appeared on screen only 
when necessary for the game to 
be covered. 

Rothmans (UK), the tourna- 
ment's sponsors, had for the sec- 
ond year running been subjected 
to the BBC's new tougher ap- 
proach to tobacco companies* 
sponsorship of sport on televi- 
sion. 

The BBC had been forced to 
act after intensive lobbying 
about the level of tobacco spon- 
sorship on television. This lobby- 
ing included esuch BBC governor 
being sent copies of photographs 
taken ‘off air 1 clearly showing a 
tobacco sponsors' name. 

Rothmans last year bt»d !«»«« 
than one month’s warning that 
the BBC was unhappy with the 
prominence of the sponsor's 
name on the set and - indeed - 
the colour of the set itself. 

This year Rothmans said it had 
’an excellent relationship with 
the BBC* but a spokesman ad- 
mitted that “it was not the set 
we would have chosen for the 
tournament”. 

Rothhmans, like all the tobac- 
co companies, is well aware that 
less exposure or Its name and 
product colours on television 
means that it is getting less val- 
ue for money from Its sponsor- 
ship. But the company pointed 
out it is contracted to sponsor 
the Grand Prix tournament for a 
further two years, so there was 
no question of it pulling out 

Rothmans, moreover, supports 
snooker significantly further 
than just the televised Grand 
Prix. It sponsors a Matchroom 
League, where eight of the top 
players appear at 14 venues 
around the country to give fans 
the chance to see world-class 
snooker In action. 

The company also supt 
amateur snooker c 
to give aspiring 

the chance to " 

the big time 

But it' Is television coverage 
which counts at the end of the 
day for the tobacco companies, 
since cigarette advertising has 
been banned from television far 
the past 22 years. It is also now 
banned from cinemas, while 
potter and press advertising is 
hedged with restrictions. 

Tobacco companies in the UK, 
as in most other Western coun- 
tries, have faced increasing pres- 
sure over the past two decades 
from governments seeking to 


raise revenue from cigarette tax- 
ation, os well as more effective 
lobbying by an U -smoking pres- 
sure groups. 

The result has been a slump In 
cigarette consumption as more 
and more smokers have given up 
the habit. But for the major play- 
ers in the UK market - Roth- 
mans, Imperial, Gallaher, and 
Philip Mortis - the issue is not so 
much trying to turn the tide 
back ana boost overall cigarette 
consumption but, rather, to en- 
sure that market share is at least 
maintained if not actually en- 
hanced. 

Although the advertising that 
is allowed is one means of 
achieving this goal, “below-the- 
line* promotional activity such 
as sponsorship is to many 
marketeers an even more effec- 
tive means of supporting brand 
loyalty. 

Collective!^, the tobacco com- 


panies spend about 510m a year 
on sports sponsorship, 52m on 
the arts, and a further 52m or so 
on other forms or sponsorship. 

Without this money, would 
those sponsored survive? Some 
18 months ago there were signs 
that the Sports Council and the 
Govern menr would between 
them move to end sports spon- 
sorship by tobacco companies by 
the end or the decade. 

But such a development looks 
increasingly unlikely, especially 
following the appointment of Mr 
Nicholas Ridley as Environment 
Secretary last year and the arriv- 
al of Mr Colin Moynlhan as 
Sports Minister after this year's 
General Ejection. 

Before Mr Ridley took over as 
Environment Secretary, it hod 
seemed likely that the voluntary 
code of practice on tobacco spon- 
sorship of sport - which was be- 
ing renegotiated - would take a 
much tougher line with the to- 
bacco companies. 

But when it was published ear- 
lier this year, the changes in the 
agreement - which runs until Oc- 
tober 1989 - were considered to 
be minimal and angered the an- 
ti-smoking campaigners. Under 
the new agreement, spending on 
sports events would be reduced 
by about 10 per cent - effectively 
a freeze when allowing for infla- 
tion - while the companies 
agreed not to sponsor events 
■imprf primarily at teenagers. 

Mr Moynihan made it dear re- 
cently that the: “Government re- 
cognises that smoking is not ban- 
ned in this country and that 
therefore it ia legitimate for com- 
panies operating in the tobacco 
industry to advertise and spon- 
sor sport.” 


The Sports Council also ac- 
knowledges that it would be dif- 
ficult for some sports to give up 
tobacco sponsorship. “If the gov- 
erning body of the spore needs 
the money so badly, and is pre- 
pared to have that sore of associ- 
ation, that is a matter of judge- 
ment of the -governing body," 
says Mr John Wheatley, the 
council's director general. 

“What we hope to do, and 
what we are offering to govern- 
ing bodies, is a service which 
wQl encourage other non-smok- 
ing companies to come in to re- 
place tobacco sponsorship,” he 
adds. 

Attracting sponsors with funds 
to match those of the tobacco 
companies will not be an easy 
task, especially since those po- 
tential sponsors will not be pre- ' 
eluded from spending their 
promotional budgets on advertis- 
ing. 

Moreover, the tobacco compa- 
nies are liked by those sports 
they are involved with for their 
long-term commitment to the 
sport. “Such is the nature and 
complexity of the organisation or 
international and national sport 
that one essential requirement is 
a reasonably long-lotting finan- 
cial relationship between the 
sport and sponsor,* points out Mr 
Peter Lawson, general secretary 
of the Institute of Sports Spon- 
sorship. 

The pressure on tobacco spon- 
sorship of non-sporting events is 
lew acute. "It is Important for 
politicians to note that tobacco 
companies are not only involved 
in high-profile sponsorships 
promoting a brand name but also 
in giving small but vital contri- 
butions to enable many arts 
events to happen,* says Mr Colin 
Tweedy, director of the Associa- 
tion for Business Sponsorship of 
the Arts. 

But for the tobacco companies, 
arts sponsorship clearly does not 
reach the same target groups as 
spores sponsorship. 

Although the tobacco compa- 
nies may have breathed a collec- 
tive sigh of relief about the new 
sponsorship agreement, there is 
no doubt that the anti -smoking 
lobby is continuing with its cam- 


David Simpson, director of 
Action on Smoking and Health, 
believes that the BBC b still the 
main culprit when it comes to 
giving ffee advertising to tobacco 
companies. “The television com- 
panies give about an hour a day 
of free advertising for cigarettes, 
and 97 per cent or that b on the 
BBC," he claims. 

David ChurchBI 




Lloyds Bank announces 
the UK’s biggest-ever 
visual arts sponsorship. 

The Royal Academy of Arts, 

6 November 1987 to 6 March 3988. 



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Financial Tunes Monday November 97987 


MANAGEMENT 


DURING HIS first week as a vis- 
iting professor at the University 
of Pennsylvania's Wharton busi- 
ness school, two people knock- 
ed on Herwlg Langohr’s door. 

One of the visitors, he was in- 
formed, was to be his "work stu- 
denr. *1116 other would be his 
research assistant Both asked 
what they could do for him. For 
Langohr, the incident sums up a 
major difference between the 
top American business schools 
and his own employer, the Eu- 
ropean Institute of Business 
Administration (Insead), where 
he is professor of finance. 

Although Insead has built up 
an enviable reputation since its 
foundation in Fontainebleau, 
France, 28 years ago, its faculty 
members concede that it still 
cannot match the research fa- 
cilities of the leading US 
schools. 

insead is not linked to any 
university and receives no state 
support. Having two people to 
assut with research is some- 
thing that its profeasors can on- 
ly dream about. 

Now, however, the school has 
embarked on an ambitious pro- 
gramme of expansion in both 
research and teaching. The re- 
sult, it hopes, is that the inter- 
national business community 
will one day refer to it In the 
same breath as Harvard, Stan- 
ford and Wharton. 

The foil-time faculty has al- 
ready grown foom 50 last year to 
just over 60 today. Philippe 
Naert. one of Insead's two 
deans, says he hopes to have 75 
faculty members in three years* 
time. Starting next year, the 
school will increase the number 
of places it offers on its Blasters 
of Business Administration pro- 
gramme from just over 300 to 
420. it is considering offering a 
doctoral degree as well 
In addition, Insead is half- 
way through a major five-year 
research programme, set up 
with financial support from a 
long list of international corpo- 
rations. 

While Insead would like to at- 
tain the stature of the major 
American business schools, it 
sees itself as having a mission of 
its own: the development of 
managers who can operate 
across national boundaries. It 
has, its members boast, a more 
International outlook than its 
American and British counter- 
parts. Insead's students come 
from about 30 countries, its fac- 
ulty from 18. 

Despite its location, Jean- 
Pi erre Salzmann, the public re- 
lations director, insists that In- 
sead is not a French business 
school. Certainly, there is little 
at the school to remind yon that j 
you are in France. Most of the 
teaching is in English. Although i 
proficiency in French is an ad- , 
mission requirement, students : 
from non-Fran cophone coon- ‘ 
tries say they get as much 
chance to speak the i"ng»»E» in 
Fontainebleau as the average 
tourist would. 

Although the French students 


Insead 


Moulding managers 
for multinationals 

Michael Skapinker on the French-based business school’s goals 







SMk- b'h 


Claude Rameau (MR) and PhHppe Naert: hope to IncrMM nuraboni of teaching staff and places 
on the MBA course In the ahprt term 


used to be the largest contin- 
gent on the' MBA programme, 
they have now been overtaken 
by tbe British. On the course 
which began in September this 
year, 18 per cent of the class 
was from the UK, 16 per cent 
were French. 10 per cent were 
from North America, 8 per cent 
from West Germany and 7 tier 
cent from Japan. Insead policy 
is not to allow the proportion 
from any one country to rise 
above 25 per cent. 


National 

diversity 


Insead faculty members argue 
that the national diversity of the 
student body forces them to 
adopt a more international out- 
look than would be the case at 
Harvard or at the London Busi- 
ness School. Although both 
these schools have students and 
staff from other countries, their 
focus tends to be the national 
business culture. 

At Insead. on the other hand, 
"we do not have a national con- 
stituency' says Kosra Ferdows, 
associate professor of produc- 
tion and operations manage- 
ment "We can’t afford to go into 
the classroom and just stick to 
one country.* 

In group work on the MBA 


coarse, says Naert, "we bring 
people together who are as het- 
erogeneous as possible. We put 
Japanese with Americans, with 
Frenchmen.” 

Nevertheless, in its early 
years Insead had to rely almost 
exclusively on American teach- 
ing materials. European busi- 
ness schools were too new to 
have sufficient materials of 
their own. 

While the school's own re- 
search output has grown in re- 
cent years. Naert says that the 
focus has, up until now, been on 
teaching. He would film to see 
more of a balance in fixture be- 
tween what he calls "the trans- 
fer of knowledge," teaching, and 
"the production of knowledge," 
research. That research should 
reflect Insead’s international 
outlook, he says. 

The research programme 
which Insead has set np in col- 
laboration with companies like 
Ciba Geigy, Citibank and Exxon, 
focuses on four areas: the man- 
agement of technology and in- 
novation, human resources and 
organisational management, 
European strategic marketing, 
»nd international financial ser- 
vices. 

When Insead embarked on 
the research programme it had 
more experience in some or 


these areas than others, Naert 
admits. "Marketing is an area 
where Insead is strong,' he says. 
"In other areas, if you had told 
people five years ago that we 
were going into the manage- 
ment of technology and innova- 
tion, they would have smiled. 
Bnt that’s an area where we 
said we should do something, 
and now I see various faculty 
members who are interested in 
it and are producing output' 


Powerful 

impetus 


Although Insead has yet to de- 
cide whether or not to go ahead 
with its doctoral programme, 
Naert believes it would give a 
powerful impetus to the 
school’s research. "The best way 
to force foculty members to re- 
main up-to-date and creative is 
to have pnshy doctoral stu- 
dents," he says. 

Not all of Insead's teaching 
time is devoted to its MBA stu- 
dents. About 60 per cent of 
towelling hours go towards the 
school's executive programmes, 
which are shorter courses for 
practicing managers. 

The programmes help to fond 
Insead’s other activities, and 
the edge of the Fontainebleau 
forest is a pleasant place for 


managers to spend some time 
away from the office. 

But how good is Insead’s ■ 
splendid isolation for Us faculty 
and its MBA students? Naert’s 
co-dean, Claude Rameau, be- 1 
tieves the research partnership I 
with industry helps to keep in- 1 
sead in touch with with the 
world outside. Because the 
school receives no financial 
support from a university or 
from the state, he argues, it is 
forced to listen to the business 
community and to provide the 
teaching and research which in- 
ti nafay regards as important 

But several faculty members 
accept that being a45-mmnte 
train ride from Paris has Its dis- 
advantages. 'When I go to a 
dealing room in Paris, it take* 
np four hours of my day.' If In- 
sead was In Paris or the City of 
London it would only be two 
hours,” says Herwig Langohr. 
"In that sense its a disadvan- 
tage. We’re more dependent on 
telephone conversation, news- 
papers and reading than on 
face-to-face contact And 
face-to-face contact is impor- 
tant 

"For the MBA students, sim- 
ply the fact that they live in iso- 
lation makes it more difficult 
for them to relate to reality- Our 
MBAs, because they are some- 
what removed from profession- 
al activity when they are here, 
have the impression that from 
the moment you develop a mod- 
el it’s not relevant to reality. 
That would be different If we 
were in London or New York.” 

Insead is open to another crit- 
icism: that it turns out consul- 
tants and financial specialists, 
rather than managers for manu- 
facturing Industry. It is an accu- 
sation which is, of course, lev- 
elled at other business schools 
too. 

Insead's own figures tend to 
rapport the critics. Although 
half its MBA students arrive 
with a scientific or technical 
training, around 40 per cent of 
the graduates go into consulting 
or financial, service jobs when 
they leave 

Faculty members say much of 
the fault lies with manufectur- 
ing companies which are not 
prepared to match the salaries 
available in consultancy or (un- 
til recently, at any rate) in fi- 
nancial services. 

Others, however, detect a sil- 
ver lining . Lister Vickery, who 
teaches a course on new ven- 
tures, says his research suggests 
that many of the MBAs eventu- 
ally leave consultancy to run 
businesses thesmelves. 

For example, a survey of the 
class of 1968 showed that more 
than half of them are now 
self-employed or running their 
own or their family’s business, 
or own a share of the company 
in which they work. 

Philippe Naert is encouraged 
by these results. But, he says, 
returning to a favourite theme. 

It Is an area which needs more 
detailed research. 


Leadership 

Vision from 


RENE LEVESQUE, the former 
Quebec Premier who died a 
week ago. was in many ways a 
classic type of leaden he start- 
ed with a vision - political sov- 
ereignty for Quebec - and then 
tried to make it reality by 
means of various plans and 
ploys. 

Lee Iacocca, tbe charismatic 
creator of the legendary Ford 
Mustang and more recently the 
saviour of Chrysler, is a very dif- 
ferent type of leader.- His ap- 
proach is more like that of 
someone who wanders about a 
junk yard, picking up stray bits 



lacmccm wearin g a web 
and pieces which be puts to- 
gether to create new objects. 

In more conventional man- 
agement language, lacocca's vi- 
sion grows out of his day-to-day 
encounters and operational de- 
cisions, rather than vice versa. 
The best term to describe his 
foraging approach is the French 
"bricoleur" - the nearest (but in- 
adequate) English equivalent 
being "odd- job man". 

This picture of contrasting 
styles of leadership is painted 
in a recent paper by two aca- 
demics from the Faculty of Man- 
agement at McGill University in 
Montreal; the redoubtable Pro- 
fessor Henry Mintzb-erg and 
Frances Westley, a younger col- 
league. Mintxberg won world- 
wide fome more than a decade 
ago for his path-finding work on 
the disorganised ways in which 
executives' really manage, in 
contrast with the neatly logical 
acade mic models popular at the 

As with his earlier research, 
he and Westley wanted to break 
away from conventional re- 
search on leadership, much of 
which has simply compiled in- 
ventories of nseftil characteris- 
tics. It has also tended to ex- 
clude the various contexts - 
organisational, political and so 
on - in which particular leaders 


i 

I 5 £r 


BY CHRISTOPHER LORENZ 

prove effective. And It has as- 
sumed that leaders Invariably 
energise their followers via a 
sort of "hypodermic needle” ap- 
proach. 

"Our view is that leadership is 
much more compIex4rrationaI 
and interactive," Westley told 
the annual conference of the 
Strategic Management Society 
in Boston last mouth when she 
and Mintzberg presented a pa- 
per* on their unusual vie w o f 
what is commonly called ■stra- 
tegic vision". 

Much of the literature on 
leadership and vision suggests 
that the leader has a great deal 
of control. But the McGill duo 
said their research suggested 
that this was often not the case, 
and that strategic visions were 
dictated less by the leader than 
by the contexts (political, organ- 
isational, and human) in which 
they arose. In very different 
ways, Mintzberg and Westley ar- 
gued, this is true of both Leves- 
que and Iacocca. 

Levesque did not invent Que- 
bec nationalism, nor did he con- 
ceive the idea of Quebec sover- 
eignty. But, the researchers 
pointed oat it was under his 
leadership that it began to take 
tangible shape, and was put be- 
fore the voters as an alternative 
political system (ft was eventu- 
ally voted down in a referen- 
dum in 1981). 

In contrast with their "bdd-job 
man* label for iacocca, tbe 
McGill duo labelled Levesque’s 
strategic style as "tightrope 
walking". As they put it, "he had 
lofty ideals, and high wire 
dreams, bat had to manifest 
them in a balancing act be- ■ 
tween a conservative populace 
on one ride and a missionary 
party on the other." 

His passage from dream to re- 
ality was. made perilous^and ul- 
timately ill-feted, by the rigidly 
logical way in which he and his 
government developed their po- 
sition into a stark offer with no 
bargaining room and no fell- 
back position. 

In contrast with Levesque’s 
deductive approach - moving 
with relentless Cartesian logic 

able ^action* -'the* researches 
see Iacocca as a master of the 
inductive and the possible. 

He did not "realty present the 
world with anything startlingly 
new or original,” they told the 
conference, either in the case of 
fee phenomenally snecessftal 
Ford Mustang - launched in 
1984 under lacocca's aegis - or 
in the phoenix-like recovery of 
Chrysler after, he took over in 
1978. 

"In the one case he produced 


a product which represented a 
recombination of class i c Ford 
parts from old models, -tailored 
to fit on existing car platforms 
and over existing engines. In 
the other, he executed a turn- 
around in almost textbook fash- 
ion, clothing it in evocative im- 
ages composed of personal, 
historical and patriotic analo- 
gies. 

"In both cases," say Hintzbexg 
and Westley, "he recognised a 
‘certain set of financial and po- 
litical parameters and played 

within these. lacocca's 

unique style does not reside in 

rnmmm" * 




v 

lb 


fa 

• 

r 



Cmaquo! 
any of the individual elements 
so much as in his ability to com- 
bine them inductively - whether 
people, facts, or images - and 
then to infose the combinations 
with intense personal effect" 
Iacocca seemed able to build 
his strategic vision piece by 
piece, reported Mintzberg and 
Westley. "The act of piecing to- 
gether people, parts and pro- 
cesses resulted in the Mustang; 
the act of piecing together im- 
ages resulted in a powerfol sur- 
vival noth (or ideal) for. Chrys- 
ler." - Because of its highly 
motivating impact, "this was 
perhaps tbe key to the compa- 
ny’s turnaround." 

Mixing their graphic meta- 

S hors, fee McGill duo say that 
icocca behaved like a spider, 
weaving his web partly by in- 
stinct, partly by design, and 
'combining the elements he 
caught into sustaining strate- 
gies.' 

Unlike tightrope walkers such 
as Levesque, the researchers 
concluded, 'spiders don’t fall, 
or at least they don’t get hurt 
when they occasionally do. 
They merely land and more on 
to weave another web.” 

•Ptwer rexcflabte from Prqffenor 
Btintzberg at IfoGiS Univ ers i ty, 
1001 Sherbrooke Street West, 
Montreal H3A ICS, Canada. 


Enlightenment 


in one fell swoop 


Three hundred years ago Newton was struck by 


some good ideas in Cambridge. 


May the ideas are still coming from Cambridge, 
but now from Cambridge Consultants. 

Wfe were the first to set up a contract design and 
development company in the UK. back in 1960. Since 
then, we’ve seen our competitor come and ga 
Our organisation has achieved steady growth. 


Our ideas are developed into viable products, cost- 


effective processes and precision instrumentation. 


They’ve been so successful that today 85% of our 


business is work for our existing client base. 


Come and see us in Cambridge and well 


show you why they keep coming back. 

Our solutions don’t necessarily fall off 
trees, but they are enlightening. 

Contact either Alan Murphy or Paul Ruskin 


to arrange a visit. 

/ 

CAMBRIDGE 


CONSULTANTS 


in 




» - V' 




i <; 








W 


^V>)! 


vo; 




Cambridge Consultants limited 
Science fork. Milton Road. Cambridge CB4 40 W 
Teh (0223) 35885a Telex: 8MS (CCLG). 

Rue (0223) 861373. 










Cambridge Consultants 
Friedrichstrasse 5. 
D-7600 Often burg. 
West Germany 
Tel: (0781) 3407L 
Teton 752788 (CCLD). 
Rut (0781) 35172. 






'i.3 


1 ua i 


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An Arthur & little company 




BaseBabe 


BCC announces that 
from 9th November 1987 
its base rate is changed 
from9%%to9%p.a. 


Bank of Credit and Commerce International 
100 LEADEN HALL STREET. LONDON EC3A .TAD 


STOCKMARiSET? 

LOSSES 


AK s« nmr nddtod with aa 
ravsiiw o*erdn8, potnul lau or 
second mortgaie? 

A "nHsatpii’ii many non: 
beneficial and dwaper in non earn. 
Qu ot ati on* whfaom o M i jai i ou. 


01-591 3888 

PJ. WELLER* SON LIMITED 
(EST. 1903) 


I807L*wltZJ70{ 


MHELU &4>A. - MLAN 


BANK OF IRELAND 
BASE RATE 


Bank of Ireland 
announces that with 
effect from close of business 
on 9 November 1987 
its Base Rate is 
decreased from 
9.50% to 9.00% p.a. 



BanKcflreland. 

Established 1783 

Area Office 3$ Queen St London EC4R 1BN 


Marketing Gonsufent^, ' 
Institute of Marketing, 

Moor Hall, Cookham, Berks. 
SL69QH, or telephone 
Bourne End (062 855 24922. 


Please send me a copy of your 
leaflet 'Consult a Mateting nofesskmaf 


X 























43 






FmaucdalTimes Monday November 9 1987 



WORLD STOCK MARKETS 


' BELGIUM/LUXEMBOURG 



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Mil 

AMCA M 

58% 

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500 

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23% 

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BGR A 

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0 

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1800 

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17b 

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K'L 1 

$28% 


20 

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12% 


m 

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1800 

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400 

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177771 


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8 

700 

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12% 

13% 

39650 


$18% 

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230 

230 

172 

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$13 

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USD Com CM KVa 
2100 Con Gim SWi 
ran CTL Bonk 330 
2700 Comm B 1107. 
4 Corby J1S7* 

100 Conm Ltd 873, 
10200 CSoaakt R 62 
1200 Crowm 811% 
30503 Crowns A I 5S% 
18000 Czar Rm 130 
2300 Osniaon A pSS% 
18700 Denison B f 85 
10600 DicKmn At 57% 
3200 Dkdowi B 810*, 
61950 Dohnco S22% 
70040 Dome Pate 8S 
26820 □ Taste 315% 
10701 Dontnr $l« g 
BOO Donohue 826 
aoo Do pom A S26 
13550 Dyte* A IS 
106401 Echo Bay 823% 
BOO FCA Ind $K>% 
226263 Hcntordg 810% 
11812 Fed hid A 813% 
BOO Fed Plan a 
2200 FCtty Rn su 
200 Ford ends S130 
8600 GandaS 87% 
1000 Oeec Como 158 
1300 Gendle A 813% 
2000 Glen Yk SW 
5T2S Qihrttar a% 
14620 Goldcorp | 57% 

400 Grafton A I 810% 
8405 GL Form 838% 
700 Orayhnd $19% 
113 Hawker SIB 
2460 Kayea D 810% 
53400 Heea M 818% 
17732 H BayMn ■ 88% 
281B2 H Bay Co 819 
62824 ImaaoD 828% 
48370 Imp OH A SOO% 
2332B7 bico 820% 

BOO ImM 88% 

3100 Inland Gae *11% 
6000 hnopac a 
20330 liter CHy 814% 
48800 M Thom SW, 
4523 Wpr Pipe 841% 
WOOD Ipaoo 810 

2U00 Mm A I 811% 
8382 Jamas* 815% 
1700 Kerr Add 818% 
7B00 Kkma Old 813% 
38218 Laban 824% 
145881 LL Lac SW% 
35600 Lacana 811% 
46816 Laldtawr A 816% 
386694 LaMtw B I 816 
12300 Leigh hmt 385 
2700 LoWaw Co 812% 
660 Lumoidcs 80% 
8805 Helen H X SU% 


Uar Qn Ckag 


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-% 
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18% «% 
330 MU 
10% 107. 
15% 157ft 
7% 

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11% 111? 
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385 390 

11 % 12 
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260 Mctn HY t 
182327 UacmUan 
163060 Mapia A f 
3001 Maritime I 
7800 Mmri Ret 
86215 MM Carp 
WO Medal 
2600 Matori A ( $20% 
1587 M Trueeo *121, 
72361 Moore $27 

32B7B Nai Bk Can $10% 
2512 M VO Tree $18% 
10300 NO CapA I a 
400 MU LP A $15% 
21*366 Mecanda $21% 
6863 Norcan $18% 
4048S Horen ord t $16% 
30850 NC on* $171, 
28B485 Nor Tel $23% 
1600 Northgat $67, 

5300 NowkoW $14% 
3518 Nu Was! 37 
8800 Numac $81, 
4200 Oakwood 240 
6000 Oakwd A I 200 
5300 OceM B ! $5% 

100 Omaga Hyd $s% 
8400 Oshawa A 1 $2S 

85248 PecW Alrl $16 
20200 Fgurbi A f $8 
400 Pamcur $8% 
34104 PanCan P 524% 
1040771 Pegeeue STB 
400 PJawt A f $7% 
27700 Pdco Pal $11% 
45505 Powr Cor f *13% 
1800 Pracamb 270 
5222 Prmrtgo $8% 
6000 One «urg 370 
ZOO Qua Tef *12% 
65380 Ranger $5% 
1150 Rayroek t *B% 
6150 Redpadi 18% 
6372 Reglonl R 208 
1500 Reman a t $18% 
1SS7SO Ramaaaca *13% 
66365 Rapap 1 $11 

6800 Rio Algom $17 
2060 Rogers A $19% 
42305 Ragan B ( *18% 
1300 Roman *8% 
166838 Royal Bak $377, 
16B2S RyTrco A $14% 
169273 Royea $8 
800 8HL Syst $18 
8600 Sd. CemA f $12% 
41600 Sceom 356 
4600 Scot Paper $ib 
7800 Sans 1 18% 

WOO Scotia C $101, 
144450 8oagnm $79 
16341 Seam Can $8% 
SOHO Selkirk A f $2it? 
37745 SMI Can $34% 
22600 Shwritt $5% 


17% 17% 
16 16% 
10 % 10 % 
14% 14% 
257 265 
380 375 
12% 12% 
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121, 12% 
25% 26% 
10% 10% 
18 18% 
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350 

350 


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F-No voting righta 

or rastriclad voting 

righta. 







MONTREAL 

Closing prices November 6 


32138 Bank Mont 
200 BombrdrA 
102725 Born&ntrS 
4700 CB Pak 
27229 Cascades 
58802 ConBath 
807 DomTxtA 
1000 MrrfTnl 
40058 NeiBk Cda 
9680 Novereo 
103200 Power Corp 
88*8 Provtgo 
7300 Rapap Entr 
300 RollandA 
15880 Royal Bank 
38325 SkoMHgA 
19601 Vtdeotron 


*20% 25% 
308% 08% 
108% 077ft 
$M 13% 
$07% 07% 
117% 16% 
$15% 15 
H2% 12*, 
$10% 10% 
811% 11% 
$13% 12% 
S0B% 08% 
$ 10 % 10 % 
$10% 10 
$277, 27% 
$32% 32 
IW% 10% 


26% +% 
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08 

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17% +1 
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12% -% 
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11 % 

12 % +% 
08% +% 
10 % +% 
16 -% 
27% +% 
32 -% 

W% -% 


Total Salas share* 


OVER-THE-COUNTER Nasdaq national market, closing prices, November 6 


Hack SMn Mgk Lae Last Owg 

(Hadsl 

Continued from Page 45 

OptkR 18 203 1B% IS 18% +1 

Oracles 621315 24 22 22% -1% 

Orbit U 328 8% 4% 6%+ % 

Orgngn 666 15% 18 14% + 1 

OatiBAeJBa 15 414 2S% 24% 24% + % 

OstikTB *0 6 129 18 W% 187|+ % 

OttrTP 2JB2 .11x128 38% 35% 36% + U 
OwanMiLSB W 170 14 13% 14 + % 

P. Q 

206 5% 5 5%+ % 

16 25% 24% 251, + % 
SB 80% 58 58% - % 

3 650 12% 12% 12% “ % 
28 651 Si, 8% 8%+ % 

201082 23 19% 22% +2% 

668 14% 13 13%+ % 

101728 7% 7% 7% — % 
82 298 21 20 20%+ % 

361214 13% 13% 13% 

Panboa JB11x1BB2B%2S 2B+% 
Pantalr AB 13 BB 22 -21% 21%-% 

Panwta 10 Ml 16% .15% w + % 
PooBnC 1 38 148 57% 86% SB +1% 
P4opHrt33a 8 397 14% 14% 14%+ % 
18 + % 


Un Wgb Low Ian Ong 
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PCS 

tear 1606 10 258 
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PaidKra 

Paycftx 

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7 88 IS 17% 

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PrtritolU IB 186 24% 23 24% +1% 

Ptmnct 34S 2% 2 2% 

PtmoLUa 22 521 17% 'T7 17% t 4$ 

PtcSaea 134807 13% 13% 13%+ % 

PtcCale M IS M M% 14% 14% - % 

PtooHi 1JOS W 733 30% 29% 30%-+ % 


PloyMo 


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PougbSv20a 8 ID 13% 19% 13%+ % 
PraeCtt JOB 15 327 28% 2B% 29% +1% 
0% W + % 
«% S% 

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90% 30% % 


20 449 20 

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PreoUa JM n 278 10% 

PnteCp *0 27 142 8% 

Priam STB 2 

PrimCO 2DZ737 37 

ProaTR W 230 20% 19% 18% 

PflmD.Wb we 80 8% 8T| 8%- %■ 

PrsaGp 1218 7% B% 7 

ProflJo JO 8*327 13 12% IS 

PrvUa 44 8 203 18% 18 18%+ % 

pgsdBe jo n 447 is «%■»+% 

Pu&zPbJO 231879 33 32% 32% -2% 

PurkSa .11 202088 10% W? 19 + % 

PyrmT 66 412 7% 7 7% 

QMada 15 312 4% “ 

QVC 169 7% 

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QuakCft JO 11 215 10% 18% 18% 
Quantm 21 800 9% S 9% 

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312 0% 




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RgcyS 30 


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171, 

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SKMta ' 1134 6% 5% 

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SepiS<n.43i 290 11 Ti> 2 
StaStBa ri4 101200 22% 21% 
StwBca JO U 94 21% 20% 


IM Oog I Stock 


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21 


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98 26 21 19% 10%+ % 

11 634 12% 12*, 12%+ % 

381187 4% 4 4% — % 

9 261 4% 4% 4 3-18 

V V 


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M 270 

17 

15% 

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8 417 

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6900 

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21 972 

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VWR 60 

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515 

82 

61% 

81%+ % 

VufldLg 

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Subaru J8 

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8% 

8% 

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ValNU 1ri4 

881166 

31% 

31 

31% + % 

StoFki 30 

13 38 

7% 

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VanGld 

484 

4% 

4% 

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SutrifiJS) 

12 224 

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23 

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' l 


4 


% 























































































Times Monday November 9 fi»87 


Closing prices, N<7uember 6 


l?MM* 
Mg') Low 
28% 1*% 
3*2 1?l2 


«% 6% 
73*2 £4% 

? 9 

20 15% 

15*i 9 
10*2 6 *, 
23*4 IPs 
*9*2 75, 

35 14*. 

24% 9*j 
565, 30i z 
11'# «% 
20*2 15 
21*1 17 
15 6*a 

SB*, -W 
63*2 30*1 
26* ( 15 
5% 15, 

53*i 29 

36 11*; 
IP; 73s 
1B*« 13*s 
IIP, 71s 
106 86*2 


fv as 

Stock By. YJd E IflfeK* 
AAR S 26 £Q 10 165 18% 

AFG s .16 .0 8 *03 29s 

AGS ■ 13 210 16 

AM M 45 3*08 5 

AMR Ml 6601 36*4 

ARX S 7 156 7*i 

ASA 28 4.4 1774 <*5% 

AVX 16 790 14% 

AMUb 1 2.1 16 4778 50 

AbHOX g 23 in, 

AcmoC .40 . 38 11 394 11% 

AcmeE.33) 42 26 1 fl* 
AdaExSJOa 19. 168 T>% 


AOmMs 24 2.41 


AdvSys 

AMO 

AMD d 3 94 
Adobe 

Adob p* 1.64 11. 
Adob pf 2.40 12. 
Advest.iZa 1.6 
AetnLl 2.76 S.3 


16 431 28*2 
7017 11 

94 365 32*4 

331 M, 
11. M IT 
12 3 18% 

1.68 87 7*a 
S3 7 1958 53*2 


98*2 77 
277, T2*i 


26*4 1434 

24 12% 


34 20*4 

377, IS 


30 15*4 

341j 17>s 


59 345, 

S2*j 4S>2 


AfitPb 5 .32 .6 8 *870 51 

AhmerdK U7 3836 «% 
ADeen 62 2% 

AHPrO 1 3.0 12 3203 34% 

ArtFr, 40 8 *470 13*4 

Alrgu n 16 172 11% 

Airleu6.11e 14. S 26 1S*i 
AlaP dp«7 9.7 30 9% 

Alaf* pi 9.44 10. 2200 84*2 

AlaP p*B20 10. z50 81 

Aijk/tfr.W 1.1 W 642 M*2 
Alberto 24 IS 15 81 19*4 

AlbCuWM 1 J 12 117 15% 
Alban s 46 19 15 1036 26% 

Alcan a .451 1.0 12 4263 247 t 

AIMS B .64 3 5 *2 775 l®» 
AlexAlx 1 5H U 1914 20*4 
Aiewlr 135 42 38% 

AfhraCp 6 3 87 


Afeerto 24 
AlbQMM 
Alban & .46 


24*4 4«2 
201, BW 
66% 


66% 4H. 

34 15% 


49 31% 

1057, 52 
W% ®** 

24% 14% 
44 15% 

49*, ZJ 
3% 1% 

37% 6% 
IP, 8*1 
3*% 23 
643, 32% 
32 14 

291, 11% 
41% 21% 
30% 6% 
60 39 


AlexAlx 1 
AHndr 
AHegCp 

Atgtat 7M 6% 

Algln pr 6 9% 

Algl D*C 1 50% 

Aigl.udn.10e .8 351 16% 

AHflPw£B2 7.7 10 917 38% 

Allegia .75) 36 5261 73% 

ABonG 56 56 268 M 

Allan pll.75 11. 31 16% 

AIMPd 9 208 15% 

AldSgnIJO 55 9 5842 35*, 

vJAUBC 492 1% d 

AH&C P» 33 8% 

AlatMuniOe 5 576 9% 

ALLTL sl.52 MM 1005 27*, 

Alcoa 120 SL8 5625 *3% 

AmxG n.0*a -2 128 18% 


Allan pll.75 11. 


Alkffd 
AldSgnIJO 
vJAUtaC 
aiisc pt 
AbtMun.03e 


34% 29*i 
1*8% S3*, 
26% 17 

31% 20% 
25% 17% 

35% 26 
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31% 17% 

40% 20% 
16% 9*, 
44% 26% 
21 % 8 % 
20 12 
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11 % 4 % 
34% 17% 
96% 62 
99*i 74 
63% 54% 

if- a 

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19% 10% 

23% 14% 
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96% 48% 
S3*i 56 
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54% 29 
37*4 24% 
293, 7% 
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40% 21% 
37*2 04% 

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90*4 57 
71% 34% 
10 11 % 
22 *, 6 % 
1B*i 7 
3S% 20% 
10»i 3% 
34*s 18% 


AmxG n.O«a 2 126 18% IB 18% + % 

Amax 6 4457 17*4 16% 17% +% 

An*Hes.30e 1.19 2114 28% 2S% 26% +% 

ABrck 9 050 10*3 16% 15% *6% + % 

AmBmOAO 5.0 10 3041 44% 43% 43% -% 

ASfd pC.75 8.9 665 30% 30% 30% 

ADnJ pQ.67 3.1 16 87 67 87 

ABIdM M 4J 13 124 18% 17% 18*4 +*4 

ABusPr JO Xfl 13 196 21% 21 21 

ACapBOAO 10. 66 21% 21 21% -% 

ACapCft.02a 19. 10 27% 27% 27% 

ACMR la 9.6 8 28 10% 10*, 10% +% 

AGamC 30 1% 1% 1% +% 

A Cyan Si. OS 2.7 14 2977 40% 38% 39% +1 

AElPw 2.26a U9 2126427% 26*, 26*4 
AExp a .76 3.0 15 1456026 24% 25 -% 

AFamU24 12 11 101113% 12% 12% -% 

AGnCp 125 3S 7 2960 33% 32*, 32*, -1% 

AG nl an 637 10% IP, IP, -% 

AHUP nlAZe 7.9 508 15% M*, 15% +% 

AHarUs J6 36 10 10 27 Z7 27 +% 

AHokfl 101 6% 6% 6% +% 

AHotatpflJS 11. 1 n 16 W +% 

AHotmOJ* 4.7 13 >2 3 7772% 71 71% +*, 

AmrK ■ 5 5.7 11 2468 89% 07% B7% -1% 

AMGr JO £ 15 7565 67 62% 63% -2% 


Bn Abk 
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17% 19% -% 
24% 24% -% 
16% 16% -% 
4% 5 +% 

35% 33% 

6% 7% -% 
43% 46 + 3% 

13% M 

46 46 -1% 

17 17*4 +% 

10% 10% “% 
7% TV 
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9% 10% +% 
27% 27% -V 
10 % 10 % -% 
31% 31% ~% 
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17 17 

19% 18% +% 
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51% S2% +% 
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15% 16 -% 
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12 % 12 % -% 
11 % 11 % -% 
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81 81 4-1 

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15% 15% 

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23% 24 
16% 16*2 
19% 20 
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87 87 -% 

£* -3i 

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SO% 50% -1% 

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37% 377, +% 
72% 72% -1% 

10 10 +% 
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32*2 32% 

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7% 6% +*, 

8% B% +% 
28% Z7% -% 
41% 42% +% 
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16% 17% +% 
25* a 26% +% 

a a 

30% 30% 

67 87 

17% TP, 4-% 
21 21 
21 21% -% 
27% 27% 

IP, 10% +% 
1 % 1 % + % 
38% 38% + 1 
26*, 26% 


1 Ch'gs 

1 12 Meettt W Ste Dm Aw. 

High Lor Sock Oh. YM E 10DaH*b Is* OaMOon 
K», 30 BordenlAB 2.7 14 2895 49 40*5 40% + % 

24 11% BcmmZl 1.8 7 40 14% 14 14 

18% 10% BCalttnlJSe 11. 3T 12 11% 1H, +% 

28 K% BIWBJ1J2 966 W48 20 W, W, -% 

103 B4% BosE pOJO 10. <150 89 68% 88% 

17 13% BosE prlrifl 86 5 16% 15 15% +% 

44% 22 * Bowair 60 3.1 15 T»02B% 24% »% +% 

42 23% Brigs* 160 56 13 752 27% 267, 27 

S% £% BrfiMaMO 3.4 17 6315 44% 40% 41% -2 

OTU 22% BrHAIr .78 36 26 23% 22% 23 -% 

32% m BGaa2p0.75e 36 7 466 W, ^ -% 

80% S, BritP^ZTB* 56 10 2007 53% kS, ^4 -S, 

21 6% BritP Wt 738 77, 7% 77 a -% 

18 lA BUR PP ??» W, 18% 16% -% 


IZMoUlb 
Ifigh Urn 

135% 47 

30% in 4 

138*, 85% 

68 32 

14% 6 
94% 43% 
66% 37 
13% 10% 
89 48% 

49% 18% 


21 8% BritP Wt 738 77, 7% 77, -% 

18 IS, BrtPI PP 3MSW, W% 18% -% 

55% 26*, B7ffT«l1.SD« 4.118 8B 38% Ml, m -% 

11% 4% Brock n 17 2M S% 5% S% -% 

60 22 8fi*w# 66 2.016 1826 48% 46% 48 -% 

32*2 1*4 HHP n .43* X2 262 19% 19 IP, +% 


28% 18% BMyUGl* 76 9 VS 2T, H -% 
30% M% BKUG {Cvi7 9-2 2 26% 26% 28% -% 

24% «% BW1»Sn AO 23 206 17% 17% 17% -% 

44% 26% Brwnl3f»60 46 14 663 33% 32% 33 +% 

m 17% Brwnfs .40 1.8 24 3735 26% 251* 26% -% 

30% 13*1 8 mark a JO 1.8 9 4418 177, 17% 771, -% 

441, 21 Br^vWI .60 2.321 501 27*, 26% 28% -% 

28*, 17% Buaiurw2J0 11.9 169 217, 20% 20>, +fi 

41% 1B% Bvndy 02a 3.5 11 83 28% 2Pj 26% -2% 

23% 17% BunkriC-16 11. 33 20% 20_ 20% +% 


297, 15% 
29*4 22% 
15% 8*2 
20% 6% 
54% 32% 
16% 5% 
137, 9% 
38% 16 
6% 3% 

33 15% 

10% 5% 
28*2 8% 
63 21*2 


PlSk 0* PnT -Ml >•«■> 

Suck m. nt E lOOiFGg* Vm OnatOm *** 

CrsyR* 17 1543 74% 71% 72% -Z% » W, 

CmpKs.88 3J 70 26 21 20% 21 +% "• *** 

CrwCk 13 284 111% 107 107 -6% !- 

CiysBd W 390 16 M% 14% g J" 1 

QMmJOB 2A 6 51 38 35% **% +1% **» 

Cuftnel «7B7% 6% Pj -U 13% 

CumE«X30 «33 1032W, 48*, 48% +1% t. 
Cwtm p*3JS0 63 188 42% 41 4p, +2 

CMIk 1.109 « 28 11% 11% 11%.+% JT> 

CuriW 1J0 X3 8 44 48*2 48% 46% +% 1W * 7 

Cyttpl n 61 23% 22% 22% — % 

D D D SJ; 

DCNY *.10 j MS S07, 20% 20% -% »9 
DPI 208 MB 889 2*% 24 M% +% * . 

Dallas JBB 7J38 71 9 6 9 

QamnCBJO 1.5W 317 13% 12» 2 fl. +% ^ S 
DanaCd.44 3J 18 582 39 38 3« -% 

Danhr ■ 11 454 8% 7% 8% +% ®% 

Danlnl .18 2J 30 7 6% 6% 


P/ Sb 

Suck Oh. YU E 106, Haifa b» 
FhEP 230 18.68 488 12% 12 

FMGC ,06S .4 21 388 11% 11 

FMOGIJBa 19. 7 188 5% 5% 

FndMc221e 10.7 276621% 21% 
FrpM pflJBT 7£ SB 24% 28*4 
FMRP 240 M. 10 338 -17% 171, 
FruMB 138 2% 2% 

Frill plAXSa 47. 608 8 7% 

Anus M A 12 738 27% .25% 
FurraBnOSa A 86 8% 87, 

G G G 

OAF .10 A 16 8814 43% 41% 
GATX 1A0 4AW 382 37% 37% 
GOA fl 113 4 3V 

G9C01.36 U8 45 101*2 Kfe 


Ch’Bi 
Out fm, 
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11% +.% ! 
3% - ! 

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24 +%. 

17% +% 
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8 


13 Mart 

K* Uw 
26% 14% 
IP* 3% 
327, 14% 
447, 32% 
24 ■ M% 
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Stock Dh. YU E HKhffigfa Uar 0*e*Ctaa 


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MgR pi 


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Daniel .18 ZS 

DataGn 

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Dxtpt pM.94 22. 
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GEO 193 . 

GF Op 2 1 

GTE ■ SUE 0812 4858! 


GTE pf 2 65 
GTE pi 248 DA 

G abaft A4* 05 1384 7%' 7*« 

Galoebn 187. 4% 4% 

GalHou 104 2% 2 

G6RMM1 2S 19 3269 38 36% 

Gap S AO ZS 8 3881 20% 18% 
GMrttt 2CK 576 1% 1% 


1A11 391 16*8 S% 10% +1% 


22 3.0 9 639131% 30% 30% +% 777* « 

t Tjn 44 lenn 7nt. 7nu m. 14 1% 


23ij 17% BunkrKJ-16 


gi»; 13% BWnv 1J6 1Z 11 109 15% 1«% 1S% +% 


34*3 12 BurlnCI 10 18 16% 16% 16% 

84% 40 BriNUi 230 X6 13 2327 627, 61% 01% 

a 8% BrlNo plJ6 6.7 2 8% 8*4 6% 

10% Bwndy 14 216 12% 12% 12% +% 


» 16 
23% IP, 


c c c 

33 18 ca In JO 3.0 29 430 20% » 20%+% 

S ID CB pi 256 42 40 40 -1 

2361, 1261, CBS 31A1B 911 IK 168% 169%- 2% 


2% CCX 


U 473, CIGNA 260 517 1241 55 54% 54% -% 


62 49 - CIG pi 4.10 66 

2% 11-16 vfCLC 

33% 12*, CML n 

20 T0% CMS En 


720 49*7 46% 49% +% 

160 1% % 7, 

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9 2570 14% 14% 14% -% 


68% 47 CNA Fo 12 461 80 56% 56% +% 

14% 9% CNAI 1A4 11. 20 17% 11% 11% -% 

44% 16% CNW 9 156*30% 10% 20 +% 

38% 22% CNW pi 2. 12 8.7 487 24% 24% 24% -% 

56% 26 CPC a 1.24 3£ 9 4964 39% 38% 38*, +% 

35% 23% CP Mil. 68 6.6 B 205 26 25% 25% 

24% 18% CRUM 3® 1& 6 73 197, 10% 19% +% , 

21% 14 C» 6 (>451827.79 74 16*, 16% 16% -% : 

17 9% CRSS S 3* 20 12 95 12% 12% 12% 

41% 22% CSX 1.16 4.4 10 4967 27% 26% 2B% -1% 

33% 17% CIS JO 24 21 121 21% 20 20% +% 

16% 7% C3 Inc 13 411 6% 6 8 

49), 25% Cabot A2 29 31 238 32% 31% 32 

35% 10% Caesar 13 5001 16% 16% 16% +% 

IP, 6 Cal HP n 1 13. 210 6 7% 7% -% 

40 18% CalFed 1 JO 4A 4 xODI 35% 34% 2S% +% 

12% 4% CaIRE .68 12 35 5% 6% 5% 

41% 16 Cal 0m 30 13 86 226 17% 16% 17% +% 

37% 16% Cal mats. 40 1.4 12 176 36% 28% 28% +1% 

7% 1% Colton 3 790 2% 2% 2% +% 

23% 8% Camml .04 J 15 13% 13% 19% -% 

66 42 Caml pOJD 82 189 42 42 42 

3% 15-16 CmpR g 1 880 1% 1% 1% 

70S, 45% CamSpISB 2916 8B9 BO SB S8% -% 

221, 10% CdnPac J0O 16 4131 16% 15% 15% -% 

31% 2% CanonG 172 3% 3% 3% 

450 263% CapCta20 .1 22 482 344% 322 324 -15 

367, 24% CapHId 68 3.4 7 735 37% 2P, 26% -1% 

38% 24% Carl I aid. 12 *3 12 IN 26% 2S% 26% '+7, 

11% 5% CarolPn 120 38 DH 8 8% +% 

42% tn, CaroFI JO 23 12 260 221, 21% 21% +% 

42% 30% CarPwZ76 8J S 4605 33% 33 33% 

53*, 29*, CarTec2_10 5.7 62 x»1 37*, 36*, 37 +% 

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54% 32% CaiPIr .70 13 553 39% 38% 38% 

19 6% CartH n 8 1405 6% 8 8-% 

75% 24 CarlWIs J4 1A M 217 34 33 33*4 -% 


24% 25 -*2 

12 % 12 % -% 


AHOM 

AHotttpfIJS 11. 
AHonHQJ* 4.7 
Annie s S 5.7 
AMGr JO 5 


71% +% 
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62% 83% -2% 


41% 16 Cal 0m Jl 
37% 16% Cal mats. 40 


r°a 1', 

23% 8% 


Colton 
Camml .0* 


3% 15-16 CmpR B 

70S, 45% CamSplJ8 
227, 10% CdnPnc JO 
31% 2% CanonG 
450 263% CapCUtfO 

367, 24% CapHId 68 
38% 24% Corll aid. 12 
11% S% CarolPn 
42% 171, CaroFI JO 


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54% 32% CarPtr .70 16 553 391; 

19 6% CartH n 8 1405 8% 

75% 24 CarlWIs J4 16 14 217 34 


AMI .72 SJ9 10 1846 12% 12 12% 

APresd .50 16 8 250 28% 27% 27% -% ! 

APrad pCLSO QJ 93 54% 54 54 

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ASLFta 3 213 Ml, M 14% +% 

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F inanci al Times Monday” ^November? 1987 


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previous $2 wmmka pfen the current week, but not the btsei 
trading day. Where a spit or Mock dkkiand amounting to 26 
.per cenl or more he» been paid, the yeeTa high-low rang* and 
dividend are shown tar the new stock only. lMe» otherwise 
noted, raiaa at dMdenda are annuN dbbwamenta based on 
die blest dectaradon. 

e-dMdand also axtntfs). b+mnual rate of (Mdand plus 

atock dividend, c-firoadefing dmdend. dd-oaled. d-new yearly 
low. e-dMdend deoTamd or paid ki prac wlnfl 12 montha. g- 
dMdend In Canadian funds, aubjeet to 15% notvraaklanca ta*. 
1-dMdend doctored alter spOt-up or stock dMttand. (-dbidend 
paid mb year, omitted, deterred, or no action taken at bleat 
dividend moating. k-dMd*nd dedarod or peidtfita yew. an »o- 
cumublNe Issue with (Mdenda In amara. iwiew Issue In ttn 
past 52 weeks. The high-tow range begins wim the start of 
traAu. ncMwa day deflvary. P/E^ricopwning a ratio. r-dM- 
dend deebred or paid hi precedbig 12 months, phis stock «M- 
dend 8-stock Bpat DMdtnds te^in wftti date ot spfit sb- 
■aloa. t-dMdend paid in atock In precmfn g 12 months, esd- 
mated cash value on ax-dvktend or ex-dbtrfexitltxi data, u* 
new yaarly high. iMraflng hahad. vMn tarkruptcy or racabon- 
*Wp tar being raorganbad under the Bantauptey Act, or aecu- 
.iHes aaaumad by aueh oompanb * . wtMbtrftNittd. w+whwt 
issued. WW w it h warrants, x-cx-dbrioeni or ax-rights. xcSs-ex- 
dbbfcvtfafi- xwwlthowt wwnmu. y+n-cBvfdand and setae lo- 
*JL ytchybld. z-salaa in ML 


Have > our F.T. 
hand delivered . . . 


... at no extra charge, if you work in the business centres of 
USBOA& PORTO 

0 Lisboa 887844 And ask Roberto Alves for details. 


AMEX COMPOSITE CLOSING PRICES 


Closing prices. 

Novembers 


Db 


AT5E 

AcmePr 

Actons 


W 8b 

E 190* Hi* Uw 

193 9% 8% 

34 3 th 
10 13% 131, 
206199 40% 40% 

42144 ft ft 


AlbaW 

Alphafti _ 

Abb 124734 28% 24% 

Amdahl 20 1332*8 30% 29% 
Abraeuio B 19 22% 22% 
AMzqa 92 B 202 M% 127, 
AMzflB 92 6 1 13% 13% 

AVTOU 82 2% I', 

APMT 90* 9 1 53% 63% 

APrec 90 49 TO TO% 13% 
'Amfloyt1.71e 4 27 8 77, 

ASdE 144 16 2% 2% 

Ampai 96 4 57 2 I 7 , 

Andffl 3 7 57, 5% 

AndJcb 46 1% 1% 

ArzCmn 33 B% 3% 

At mint 4 2% 3% 

Anmdi 8 38 22 21% 

Awmrg 70 98 8% 9 1 * 

Astraw 85 % % 

Atari 91155 0% 57, 

AttaCM 296 1 15-18 

Alttawt 33 12% 11% 

B B 

BAT Tin 10 60S 77, 7% 

Baretrg 1 g% 6% 

BaryRG 7 58 6% 6% 

Baruch 10 *% 4% 

Berger J2 13 400 15% 16 
Btecp .72 12 24 29% 2fi t 
BkumtA 45 23 716 12% 12% 
Bowmr 27 1% 1% 

Bownes 95 TO 464 13% 11% 
Brecag 96 10 18% »% 

c c 

COb 12 112 15% 16 

CM Cp 183 2% 

C»lprap.00t 7 47 67, 

CMareg SB 11 10% 10% 
CradA 90 12 5 M% M% 

ChmEnn 46 4 3% 

ChropPa^D 17 5 32% 32% 

CttMdA 94 18 893 29% 29% 
CWRv 190 18 3 17% 17 

ChOvg 3 8% 6% 

CtyGassJD 11 21 12% ~~ 
Comtnc 287 8% 

CmpCn 12 164 3% 

Cnchm 40a U 1 18% 
ConaOG 40 H. 

Conatn TO 8 5% 5% 

CantMU 244 40 «% 14% 

Cross, 98 15 481 .247, 24% 
CmCP 122 13% 

CfWTO 62 10% 

CwCPpH92 16 21 
OCpTO2^5 18 18% 18 

Cubic 98 13 68 17% 16% 
Curtice 1.04 11 63 31% 31% 
Grafted* 23 230 1% 1% 


6% 

2%- % 
«% 

40% - % 
6%- % 
47, 

84% — % 


30% + 

a; 

13% + 
21,4 
33%- 
13% 

77,+ % 
27, 

1%- % 
5%- % 
1% 

•%+ % 
2%+ H 

£2 4 % 
8% — % 

e%+ % 

1 +1-16 
12 % + 1 % 

7% -6-16 
6%- % 
e%+ % 

ift=J; 

a:» 

«? 4 7, 
181,4 % 

15 - % 


% § 


a 

V* 

is 


20% 


Ot kid 
DWG 


9 228 


D D 

ft ft 


w% 

a: 4 

17%+ % 
63,4 % 

a-% 

3% 

U%+ % 
1%+ % 
S% + % 

aft+ % 

13 +1 
«%+ % 
21 4 % 
«%+ % 
TO%- % 
31% — % 
1% 

S 4% 


P/ Sb 

Stock Db E 109, Ugh taw 

Daewoo M2i 6 -to % 

DaiaPd .16 159 8 8% 

Defened 0531110 15-VJ 

Mard .16 M 337 36 34% 

Obda, 23 2% 2% 

DmmT> 888 11-16 % 

Pueom 20 9 49! 7% 7% 


Cbw Qwgi 

5-18 

«% 

1 -1-18 

- U 
+ % 

11*16 

7%+ % 




EAC 

EagfCI 

EmtCo i 
2.90* 
igs 
EcolEn 96e 
EM nor 
EmpAAJB* 
ENSCO 
EntUkt 
&PW 40 


PabM .60 
Fklau 

PAiwPrl.06* 
PbchP 911 
vJFlanlg 
Rufce 19R 
FonU. 

FreqB 
FnibLn 
PurVH TO 

mi 

gti 

GlwnF 98 
GnlYtg 
GlattKx 96 
Ghent- 1 
GMRd 
GmdAu 
GrtUC 94 
Granina 


GrdCha 42 
GCdaRn40 


-HBkni 
HrdRkn.13e 
Hastm 98 
HlthCti 

Hum iron 

Hebo .10 

HertiEn 

HerahO 

HoUyCp 

HmeSha 


Hormeb 90 
HmHar 
HonOT .18* 
HovnEa 


106 

24 

11 16 
a 4 
973780 

17 66 
111 
405 

18 878 

15 703 
13 2 


9 2 
56 

1253 

33 75 

5 22 
15 85 
21 722 

12 71 
1283 

131887 

4 35 

13 81 
18 275 

M3 
13 161 
35 
89 

85 18 

T7 881 
BM 
8 20 

10 41 
563 

8 427 
43 

12 MIS 
SI 70 
10 167 
4 155 
134 
263 
51 12 

201167 
12 5 

17 217 
546 

6 322 
10 181 


€ E 
5% 6% 

1% I 
26 24% 

22 % 22 % 
17% 17 
11% W% 
21, ST 
3% 3 

3% 3% 

4% 41, 

18% 16% 

F F 
28% 281, 
4% 

7% 7i, 

10 % 10 % 
5% 41, 

19i, 18 
19% 78% 

121 , 12 

<% 4% 

4% 3% 

G G 

5% 47, 

4% 4 

32% 31 

27% 26% 
24% 24 
8-16 % 
101, 10 
491, 47 
81, 37, 

12 ', 12 % 
11 10 % 
13% 13 

H H 

2 17, 

6% 6% 
13% 12% 
67, 5% 

18% 18% 
18% 17% 

a 3 

* * 

5% 5% 

"ft ’ft 

10% 10% 


s%+ % 
1%+ % 
25 + % 
22% + % 
17%+ % 
107, 

2i«* % 
3 

3%+ % 
4%+ % 

165* + % 


2S%+ % 
a%+ % 

T%+ % 

10% 4 % 

47,- % 
18%+ % 
W%+ % 
121, + % 

*% 

4 


S%+ % 

4%- % 
31 -1% 

M%+ % 
26%+ % 
24+1, 

8-16 +i-m: 
10%+ % 
40% +21, 

6 +1% 
12% + % 
10% - 1, 
«%+ % 


£»+ > 
6%- % 

12% -1 
5% - % 
18% 

17%-% 

ft 

1 e%- % 

5%+ % 

'%'A 


ICH 7 80S 8 6% B%+ % 

tmpOflglJO 551 45% 45% 45% - % 
btttSy TO 807 1% 1% 1%+ % 


9/ Sb 

Sad Db E IDSt Mgh taw Dm* flwgi 


1e 
AO 

Inti nth .10 
ImStint 
WPwr 
ItaOBrd 

Jacobs 

Jetren 

JohnPd 


KayCp .12 

Khtaric 

Kirby 

KogerC240 


•70 

Laser 

uoPhr 

LaburT 
LteUme 
UHyw 
Lionet 
•LorTat 
Lumax 98 
LynchC 70 


5 679 
4 42 
113 24 
203 
11 

9 43 

42 17 
33 44 
37 

8 22 
4 130 
8 7 

103 

122128 


7 20 

6 71 

7 181 
12 42 

4 281 
2D 837 
113 

8 208 
8 MW 

10 262 
15 20 


2% 2% 
6% 5% 

107, io% 
fl 6% 

»4 2% 

5’l 5% 

18% d17% 

J K 

’a 

31, 3 

17% 17 

£• 5 s 

27, 2% 

3% 3% 

27% 307, 

L L 

£ £ 

7% 67, 


4 

ft 
% 

4% 4% 

«% 87, 

10 % 10 

S', 8% 




MCO Re 
MSI CM 
M8R 
Matfbh 
MatSd 
Matrix 
Media, 9« 
Mdcora 
MbhSIr 
MMAm 
MlsenW 92 
MtcME 94 


M M 

45 9-16 % 

17 175 15% 14% 
77 H, 1% 

119 4% 37, 

13 238 M% M% 
650 290 0% 6% 

40 238 33 32% 

11 228 3% 3i« 

TO 257 4 S', 

28 2 0% 8% 
3 5 7% 7% 

88 126 10% 10 


2% 

S%+ % 

107.4 % 
9 

a-.. 

«7,+ % 

137.4 % 
3 + % 
3%+ ». 

Wl- *4 

27,+ % 
3%+ %. 
W|- % 

1%4 % 
5%+ % 

7 - % 

4%" % 

4*4- % 

8 

TO - % 
8% 


%-i-ie 
«% + % 
i%- % 

4 

M%- % 
6% + % 
32%+ % 
3%+ % 

37, 

6%- % 
7i,+ % 
10 - % 


N N 

NVRynMIl 0 445 4% 4% 4% 4 % 

MPmnt .10 018 7% 0% 7% 4 % 

NMxAr 0 TO 14% 14% 14% 4 % 

NProc 1.160 TO 33 20% 20% 20%+ % 

NWME 5 133 4% 4 4 - % 

NYTime .44 151811 30% 29% 283,-1 
NCdOG 253 14 13% 13 13% 

NixSKM 95 2% 2 2 - % 

Nimwc 26 6 0 0 6 - % 


OEA 

OdetA 

DdetB 

OOUap 

PaHCpe 34 

PtHeetnJa* 

PhlUb 941 

PlOnrSy 

PltOam 

PWwaylJO 

PopeEv 

PreedB t 


0 P 

13 2 20% 

44 30 5% 

56 2 7% 

T22 10% 
101400 24% 
185 13 13% 
31080 6% 

U 1 % 

1 18 

13 20 78% 
57 1 

110 21 5 


Q 

20% 20% - % 
5% 5% 

7% 71, 

9 % 10 %+ % 

»% 23% 

13% »% 

7% 77,4% 

1% 1%~ % 

18 TO ♦ % 
78% 78t, + % 
15-16 16-10 -1-11/ 

4% *%- % l 


ft Sb „ r, ■ 

Stack Ob E 100c (Ugh lew Ow Omg» 
ffwdA .10 0 4% 4% ^-1, 

PKCiito 08 10% 10% 10% - % 

R R 

RBW .10 71 03 5 4% 5 + % 

RansbaJSJ 2688 7% 7 71, + % 

flesn A 8 151 29% 20% 39% + 7, 
Resit B 34210001301, 130 130 + % 
RxtAlB 12 13 13% 13% 19% + % 

RetAlAJO* 12 31 13% 13% 13% 

Rogers 12 20 10 19% 19% 19% + % 

fluaick.32a 12 110 18 17% 18 +1 


SJW l.«8 
Sage 
SUeaQn 
Salem 

SeandFlJSe 

Schelh 98 

SbdCp 90 

SecCap 05) 

5lk aMS .16 

Sol Won 

SpedOP 

Sttttvn 

Gtanwd 

SttriH 

SuriSIt 

stiutw 

Synatoy 

TIE 

tii 

TabPrd 70 

Taodfia 

TchAm 

TechTp 

Toted 

Tefeaon 

TmpEn 

TexAlr 

ToOPlg AO 

TriS*l 

TubMax 

Ultra 98a 
UnValy 
UFoodAJSl 
UnvPat 

VtAmCm J3& 
Vtfteh 

WongB .18 
WangC .11 
WWiPat 126 
WtMrd 
Welhan 25 
Well Am 
WeiGrtJ 
WOWM 
WhrEnt 
WIchRwl 


10 ; Vft. 

58 171 10% 10 
4 2 4% 4% 

132 7 6% 

13 48 12% 19% 

6 8 as am, 
78 2% 


10 35 

11 120 

5 
SO 

12 21 
16 52 
12 157 77, 
36 
39 


9% 

6 

3 

3 

8% 

1% 


1 

4% 

T T 

B3 27, 2% 

DS 3% 3% 

4 14% 14% 


. 18 

77* 

7% 

8 

0% 

3% 

I 23 

07* 

6% 

10 

1% 

1% 

1550 

221 

4 

7% 

ft 

3701 

«% 

13% 

138 

13% 

13 

11 

11% 

10% 

1 321 

3% 

3% 


u u 

104 

7% 

7% 

1 37 

6% 

G 

i 70 

1% 

1% 

181 

7% 

S'* 


Worihn 


Zuner 


V w 

10 134 167, 16% 

21 5% 5 

26M tZ% 11% 

3 11% 11% 

17 75 198 102 

22 2 % 2 

5 9 12*, 12% 

5 55 1% 1% 

131 6% 57, 

8 M05 157, 15% 
34 203 10% 9% 

32 4% 4 

22 46 7% 57, 

53 5% 5 

X Y Z 

63 2 1>, 


39%+ % 
5%+ % 
10% " % 
4%+ % 
«%+ % 
12%+ % 
83 +3 
2%+ % 
9%+ % 
0 + % 

l 

7*,- % 

7% 

1 

«%" % 
2% 

3%+ % 
14% - % 

ft" 1 * 
6% “ % 
1%+ % 
3»,+ % 

“ . + 1. 
3%- % 

7% 4 % 
6 

i% 

07,- % 
161, 

5%+ % 
12 - % 
11U 

192 +2 
2% + % 

«£+% 
B%+ % 

15% - % 
10 - % 

4 - % 
67,- % 

5 + % 


OVER-THE-COUNTER Nasdaq national market, closing prices, November 6 


A&WBd 

ADCs 

ABX 

AST 

Actants 

Acton 

Adapt 

AdbSv .10 

AdobBe 

AdvTai 

AdvoSy 

Affflvh 

AgncyR t 

Apnioog TO 

AhWbc 

AkwHO 

Aldus 

AJaxGra .16 
AkwatdiJS 

Albco 

AlegW 90 

AlUant 

Alkffin 

AUwatt 

AHM 

AmcssfjM 

AWAIrl 

ABrkr 90 

AmCerr 

Am City . 

AGraei 90 

AmHhtu20r 

AHSid 

Ami nil AO 

AU9, ■ 

ANflns.lAO 

AGvNYJOa 

ASNYpllJl 

ASofta' .12 

ATVCm 

AmRFd 

Amritre t 

Amgen 

AiwkBkJM 

Antagtc 

AndTOv 

Andvflc 71 

Andrew 

AMtao SO 

ApOflEn .M 

ApoloC 

AppIBk 

AppieCaOBi 

ABtaed 

Apl(«o 

Apkttk 

Archive 

ArgoGp 

Amor .40 

Ashtons 

AOGUsIJO 

ABRee 

ABSsAr 


125 0 10 01, TO 4 % 

16 567 16% 15% 18% 4 

161763 TO, 87, 9 

102070 8% 0% 9 - % 

28 084 137, 10% 13% 

241884 16% M% 15 4 % 

8 281 0% 6% 0i,-% 

18 11 17 W «-1 
381089 24% 22 22% -1% 

12 310 13% 13 131, 

585 8% 7% 7% 

20 84 11% 11 11 - % 

W 303 17 16% 18% - % 

710 17% 16% 17%+ % 

13 403 3% 7% 8 4% 

10 598 M% 13% 14%+ % 

37 778 1B% 18% 18% - % 

0 213 10% 9% 10%+ % 

9 289 42% 39% 40% -1% 

5% 5 5 - % 

9% 10% 

7 7 

5% 0%+1 

13 13 - % 

11% 12% 4 % 
10 10 - % 

a a;j 

. 5% 5%+ % 

45 24% 23 24%+ % 

104825 17% «% 16% 4 % 
M 90 TO M% 14%- % 
M 341 S 4% 5 

7 355 8% 8% 9% 

211013 13 12% 12% 4 % 

4 271 28% 201, 28% 4. % 
4 782 12% 11% - 12% +1 ' 
89 17 161, 16% 4 % 

11 220 8% TO, 6% 

781640 24% 23% 23%4.% 

701 14% 13% M% 

sr * 



123065 18% 181, 
3791240 27% 29 
139 12% 12 
T0 1562 77, 7% 

3 883 0 S', 

7x213 15% M 
12% 


12 * 

ft;i 


213 15% M 15 4 % 
94 12% 12% «%- % 


13 777 TO 
M 409 10% 
230071 W7, 

5 02 23% 
2316782 39% 37 
239 11 
27 730 18% 
12M. TO 
212332 


W% «% + £ 


Autaapa 

Avntak 


BS 98* 
BakrPn la 
BakrJs 98 
BMLyB 20 
BeUcp AO 
BnPnc* 1.40 
BflPop 192 
BcpHw 198 
Banaac 

BKNE 124 

Bnkset, AO 

BnkgCtr20e 

Bams A* 

Barria * 

BaetP 90a 

BayVw 

Bsy8k*194 

BeaudC 

Beebes 93* 

BellStf 

BenJSv 

Berkley 28 

BerkHa 

BetzLb 192 

BgBtur t 

Bindty 

Biogen 

Btamet 

BtaTGm 

BlrSU 

BkA&i 

BoetSn 194 

BefaEvn 24 

Boftema95r 

BonviP 

BostSc* 90 
BwnPC AB 
Branch 190 
Brand 96 
Brtowtg 
Brafcma 
Brunos 20 
Budget 


6 % 10 4 _ 
97, W%- % 
9 23%+ % 

87% - % 
9% 11 

23* . 

13% M -1 
6% 5% — % 

_ 33% 33%+ % 
TO 347 17% 15% 15% -1 
112780 18 17 17 -1 

11 484 22% 22 22% 

M 4518 28% 28% 20% 4 % 
~ 77, 77,- % 


St 


2 +V18 

■%- % 


Pi+ % 


9 205 8% 

281033 18% 

257 2 

17 858 87, 

B B 

108 5% 5 

117 38% 36% 

7 3TO 7% 6% 

4*233 M 13% 101,"- %' 
13 146 13 12% 12%-% 

9 422 21% dW% 20 -1% 

7 1 271, 271, 27*, 4 % 

8 121 51', fii fil - % 

7 986 67, 6% 6% 

8 16*3 24% a* a* - % 
0 174 8% 8% B%- V 

577 11% 11% 11%+ % 

10 843 15% M% 15 - % 

4 8*7 7% 7% 7% 

13 Ml 34% 38% 33% -1% 

4 230 13% 13 13% — % 

7 847 35 34% 34%+ % 

fl 16 5% 5% 5% 

11 15 W% 10% 10% 

31 10% 10% Id, - % 
318 6% 51, 6% 4 % 

0 209 21% £1% 21% - % 
TO ZS529S0 2900 2900 
171779 41% 40% 41% +1 
10 226 18% 16% 19 4 % 
10 326 8% 0 8 - % 

1015 0 5% 5%- % 

24 229 10 17% 17% - % 

204 6% 4% 5%— % 

9 82 17% 18% 17% +1% 
46 224 18% 17% 10 - % 


8 183 32 
21*178 17 
0 328 18% 12% 
TO 284 7% 7% 

5 460 M 
8 315 17 
3 79 30 


31% 32 4 % 
10 10 % . 
«%+ % 
7% 

13% 137,4 % 
18% 10%-% 
28% 30 


137 11% 10% 10% 

— + *4 


288 
8 503 


37,311-10 

Ft «t 


ft 


+ H 


Burnt 
Bmhm 94 
BunGa 
BMA 1.10 
BUCMd 

ccc 

COC 

CPIS M 

CUCM 

CVN 

Cwy0cl92e 

Csantx 

Calgon 95e 

CelBta 

CalMtc 

Catny .16 

Cambn 

CamBS 

Cononl 92s 

Canonie 

CareerC 

Cartngn 

Caseyc 

CoBCp.aae 

CeltCms 

CntrSc 190 

Cantor 

CnUms 

Car Beal. 15b 

CtrCOp 

CRdBkl.OB 

CtyCms 

Cetus 

ChmSe.12 

Chrtwb 

ChkPt 

Chorau 

ChlCni 

ChDockJOa 

CM Am 

Ctiktvnd 

Chios 

ChlpeTc 

Chiron 


211584 18i, 17% 17%+ % 

8 40 10 8% 8% — % 

32 TO 15 14% M%- % 

B 663 10% 10% 10%+ % 

12 267 TO TO TO 41 
25 122 B 7 T -1 

461 36% 35% 35% 
183882 7% 71, 7% 4 % 

G G 

17 464 6% 6% 8% — % 

BZ7 13% 12% 12% — 1j 

12 312 15% W%- 15% 

TO 810 14 13% 13%+ % 

3152 12% 12% 12%-% 

17 543 36% 3S% 35% -1% 

M 807 71, 8% 8%- % 

16 M2 30% 28% 30 - % 

330 7% 7% 7% — % 

HOB 6% 5 61,4 % 

168 10% W% 10% 

133 13% 13 13%+% 

488 3% 4% 47,-1, 

19 447 3S% 34% 347,+i% 
27 23 S3 22 22%+ % 

19 56 9% 9% 9%+ % 

367 18% 17 18% +2 

18 588 13% 12% 131, 4 % 

TO 228 5 4% 4%- 1, 

783 14% 13% M%+ % 

11 04 33 32*4 32% 4 % 

028 £3% 21% 22% -1 

17 15 8% 8% 0% — % 

13 60 38% 98% 30% 4 % 

157 13% 13% 18%-% 

9 33 S»y £0% 20% 4 % 
440 15% W% 14% + % 

8547 16 16 16 - % 

102915 157, is% 15i,- % 
32 126 10% 8% 10% 
165670 6% 6% 6% + % 

111400 8% 0% 8% - % 

2055 8% 7% 6%+ k 

17 *1 20% 90% 20% - % 
9 1656 7% 71, 7% 

13 383 11% 10% 11 + % 
IB 89 22% 22% 22% 4 % 

12 492 14% 13% 13% - % 
TOGS 14% «3% TO%- % 


Stack 

Stan Msh taw taw Cbig 

Stock 


Stan Hbk taw 

tad Qwg 

Slack 


Site, 

Hbk taw 

(Httox) 





Pbdi) 





Utah) 


ChrOwt 92 22 

1 13% 

131, 

13% — % 

FTenrata* 

t 

207 23% 

23 

23%+ % 

LSI Lg 

441578 

8% 

77|' 

CWiFnlJSb 8 

53 48% 

47% 

481,4 % 

FatUCs 90 

71800 IB's 

18% 

18% - % 

LTX 


175 

11% 

10% 

Ctntaas 24 

243 26% 

28 

26%+ % 

FtValy 94 

11 

63 28i } 

2B 

26%+ % 

LaPeta 

31 

044 

18% 

’ll* 

Cipher 233131 6% 

•% 

8% 

FtWFn 98 

T 

188 7% 

7 

7%+ % 

Lacang 


01 

S', 

8% 

CirdEx 0 

254 7 

8% 

6% — % 

Fl rater 1.W 

11 

3 31 

30% 

30% 

LaddFr .16 

w 

721 

M% 

M 

CtzSoCpl.12 8 

913 221, 

217, 

22 - % 

Rserv 

IS 

43 14% 

M 

M + % 

LaMw 90 

17 

18 

TO 

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Continued im Page 43 


46 


CURRENCIES, MONEY & CAPITAL MARKETS 


FOREIGN EXCHANGES 


US deficit problems and G5 discord see dollar at record lows 


BYCOUNfefUHAM 

A HECTIC week saw the dollar 
fall to record lows against the 
D-Mark, Swiss franc and the vat, 
and sterling climb to its highest 
level for nearly six years against 
the US currency. 

Disagreement among members 
of the Group of Five encouraged 
the dollar's rail against the back- 
ground of veiy large US budget 
and trade deficits. 

Them was no sign that the Re-* 
again Administration would agree 
to tax increases, and a cut of 
about $40bn in the Budget defi- 
cit, to stabilize the dollar. 

European members of G5 and 
Japan regard the US budget defi- 
cit as the main problem prevent- 
ing stability on the foreign ex- 


changes. On Friday Mr Thomas 
Foley, a US congressman, said 
the maximum cut in the budget 
deficit would be S23bn. 

Republican leaders later sug- 
gested a reduction of S75.5bn 
over two years, but only some 
$28bn was expected in the first 
year, and about $5bn appeared 
to involve politically sensitive, 
social payments, which are un- 
likely to be cut, bringing the fig- 
ure back to J23bn. 

The US has a rather different 
view, regarding tight West Ger- 
man monetary policy as a major 
problem. The Bundesbank cut 
some of its leading interest rates 
last week, but this appeared to 
be more an attempt to prevent a 


crisis within the European Mone- 
tary System, rather than a move 
to defend the dollar. 

Japan continued to promote 
the idea that the Pails agree- 
ment cm currency stability is stall 
intact, but had to face up to the 
fact that Its own foreign ex- 
change intervention would not 
prevent a dollar slide while other 
central banks took a half hearted 
attitude. 


Nomura Research Institute In 
London said that although Japan 
continued to resist a cut in its 
discount rate there was a limit to 
the pain barrier on currency 
rates, and an interest rate reduc- 
tion may be not too Ear away. 


The UK blamed the US for its 
budget deficit and West Ger- 
many for its monetary policy. A 
cut in British interest rates 
seemed most unlikely until the 
authorities ware forced to react 
to falling share prices and a ris- 
ing pound on Wednesday. 

France kept a low profile and 
appeared to act behind the 
scenes. There must have been 
concern about the rise of the D- 
Mark within the European Mone- 
tary System and the potential 


problems for the franc. Money 
flowing out of the dollar was at- 
tracted to the' D-Mark rather 
than some of the other EMS cur- 
rencies, but during the wed: the 
Bundesbank and the Bank of 
France agreed on a coordinated 
move to raise French interest 
rates and cut German rates. 

Apart ftom the budget deficit 
the market will also be looking 
to the US on Its trade position 
this week. A deficit of Sl4hn to 
SISbn has .been forecast, com- 


pared with 115.681m in August 

In London, Nomura is forecast- 
ing a US deficit of $14bn, while 
Morgan Grenfell expects 4l4Abn, 
and Phillips and Drew 414.71m 
which appears to be the median 
of the market’s expectations. 

Lloyds Bank in its latest inter- 
national finanrfai outlook fore- 
casts the dollar will show a peri- 
od of stability until the end of 
the year, but win fall again in 
1888, touching DM1A8 and 7125 
by September next year. 


uffe lsm ear nmnu vnm 


UFRSSTKWWnri 


I FUTURES omom UFFE FT-SKttf UISGC 


£ IN NEW YORK 


EMS EUROPEAN CURRENCY UNIT RATES 


Strto 

CMb-Ut 

Pab-LMt 

Srito 

CMb48K 

PBM438 

Strike 

Crib-Lad 

Pab-Lret 

Pi to 

Dec 

Ma- 

Dk 

Mre 

Frte 


M*r 

Dk 

' Mar 

Price 

Hw 

Dee 

Hw 

Pk 

Ub 

»J® 

in*) 

030 

032 

70 

1832 

1736 

030 

002 

17000 

226 

539 

1 VII. 

2639 

in 

1538 

1535 

©.00 

(LOS 

72 

1632 

1538 

030 

034 

17250 

165 

306 

1505 

JB66 

uo 

1338 

1338 

030 

020 

74 

1432 

]HJ 

000 

038 

17500 

&s 

430 

1725 

2050 

112 

nm 

1127 

030 

029 

76 

1232 

HIK 

am 

ais 

17750 

3.91 

19.43 

22.41 

114 

938 

931 

030 

ft® 

?B 

IQlB 

10 47 

031 

§5? 

UOBO 

069 

539 

2169 

209 

116 

7J0 

733 

032 

035 

00 

834 

836 

032. 

046 

18230 

asa 

VB 

2430 

2M3 

UB 

5J6 

629 

■ 038 

m 

«2 

660 

» 

on 

no 

18500 

03b 

153 

2636 

: ass 

UD 

329 

461 

021 

163 

84 

532 

538 

OM 

138 

18750 

026 

207 

2836 

3067 



Nor6 | 

Cipre 

Prevtoa 

Ctae 

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1 month I 

3maadB 

12mtMtfaZZ| 

L7865-L7875 

O35-034PBI 

0.72369pm 

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+0.90 

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7.97726 

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233833 

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236209 

731109 

+165 

+078 

0L9674 



+032 

4179 

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0.768411 

140338 

0.773364 

+0.90 

+003 

*06684 

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152232 

+2*1 

+232 

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>«ri. Cate 3335 Pan 1040 

Piataa^lWtcMiWS Pm 32308 


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(pate 0*303 Pm 2830 


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Prettastoqrtapreto: Crib 84 Pm 182 


»wO) 


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Price 

130 

135 


£ 


STERLING INDEX 


cakMriol lv Fkretori That*. 


1.70 

U5 

130 


~~1 

No** 

Pierieia 

830 


757 

736 

930 

aai 

75.4 

753 

1000 


75.4 


1130 


733 

753 



75.4 

753 

130 


735 

753 

230 


755 

753 

330 


756 

733 

4.00 

m 

75.7 

753 


Hu Ok 

28.70 mm 2270 

23.70 23M 23.70 23LW 

18.70 10.70 1B.7D 10.70 

23.3® 2X70 1170 13m 

8.70 am 936 1035 
193 104 5.90 636 

090 £40 135 460 

wjaaw to* (rife 10 Ms 0 
NT’s (PM tat 0*635 MU 


Mre 

PHsrLaft 
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Pfta 

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nm 

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12.90 

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270 

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035 

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150 

2060 

2060 



2060 

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030 

135 

2360 

2360 

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2360 

090 

030 

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013 

048 

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160 

1860 

860 

3860 


030 

030 

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058 

179 

230 

165 

1315 

1360 

1360 

1430 

030 

030 

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L40 

097 

179 



170 

870 

860 

970 

9L70 

aw 

ais 

165 

740 

229 

435 

578 

665 

US 

360 

430 

530 

675 

060 

235 

235 

420 



EtUmuto referee toft C* IV6 PrisNM 

Pi irirei tort MMH toe Cate 890 PMslM 






POUND SPOT- FORWARD AGAINST THE POUND 


CURRENCY RATES 




***** 


1.7735-1.7920 

23419-23558 


71 

ilLWVlL&lfe 
11175-13275 
2.WV-2/T 


120033-202.90 
2X85*2-2215% 
LLavmPi 
■ 1036-1016% 
10.76-1082% 


2.45-2.47 


OmrnotA I £ 


L7825-1.7835 

2353023540 

ISSES 

12-S2%-LL53t, 

13200-11210 

20063-2002 


■2206-22071 
IL3ZV1133»j 
lflCHOii 

■1077-1070 



232 

002 

431 

210 

-133 


-434 

-932 

-3M 

-4.S3 

-044 

-0.91 

7.46 

435 

6j09 


Mgtan rate a mnwiHJi tssea. Raantiri tone 62J5-62.45 . Sx-retak terete toll* L34-129qre BM* 



pmlabbimm sen optnms 

02500 (cals wrO) 


Sire I 


■tUN% 


158 


3-79 

VS 

-1.97 

-005 


-537 

-634 

-336 

-OM 

•254 

436 

334 

528 


Price Nov Dec Jm lire No* Ok 

UfiO 13.15 1335 1335 1340 0 OlO 045 135. 

1*75 1030 1075 U30 1150 005 020 075 155 

1.700 015 050 935 9165 005 050 X25 220 

1325 535 650 730 830 015 130 1.95 2.90 

U50 365 4JU SB UJ U5 U W 

1375 230 120 455 535 095 230 330 535 

1300 090 255 350 435 250 43 535 640 


89.75 235 232 234 t3* 030 004 034 0L& 

9000 250 238 232 1.96 030 005- 037 036 

9025 225 235 1.91 136 (LOO 007 OZL Ml 

9050 230 1.92 121 138 030 039 026 048 

9075 » 13® 3L51 130 '8131 0J2 031 055 

9130 la M 132 123 ora 025 027 0*3 

9L25 LZ7 128 135 137 032 020 045 072 

Esdretod «Ohmt W4 CBk 20 Ms 0 
PmtoretertwreK Cato 2425 Pm 2171 


LONDON 


CHICAfiO 


12 anOi 230 2 nOqre 


2B-TEMI 12% HOTMlML ULT 


I*. TREAftWY Mm (CMT) 8% 

nuMitorfm 


jwnMESEmnSHq 

mSreSpvVUB 


Dtc 


DOLLAR SPOT- FORWARD AGAINST THE DOLLAR 


*C$/SM to far Not* 1JB704 


CURRENCY MOVEMENTS 




o 

Due 

Oaeareto 

a 




i -I 

L78250383S 

15830-15840 

13190-13200 

16855-13065 

34.95-3535 

66625-64675 

16745-16755 

LS'LWoiedta 

232 

1_70 

-150 

136 

-236 

331 

ill 

I 


li!| 

II 


55O-730teSl 

S35-420t»edb 

L20-L45cfc 

LlMj«SMk 

-579 

-1009 

-636 

-761 

-230 

200-260*1 
zuw«-7 
14.00-1550 
1135-11.7501 
275- UOds 
335-365db 

•6.76 

-832 

-4.76 

-778 

-206 





235 

132 

434 

133-aWte 

730630pm 

13202Spn 

m 



~ T rnH VfiiMM I 


12334 lsft 12233 
Mar. 12231 12331 12227 

ElUreenl Vital! 27909 49522 
hntaa tig's open to. Z7S51 08319 

fcftitaTMMALLIIMBTnM.MHyMItW 
TtoafMOIt 


123-13 Dae 
123-09 Mar 


£ 


one MMh tret 


10725 SSI* 10740 
10725 10730 10730 
Eafcrete Vokree 596 855 
Pierian* tort to. 449 (49» 


dS 


10569 

10529 Jm 


m-xr wSo «S44 

' 83 - 2 S 8 M 2 87-10 

87-27 ST-m 86- 26 

87-04 87-06 ®M® 

86-16 86-18 05-20 

85-30 mm 8534 

85-14 0 0 

■ 4-31 0 It 

84-17 84-18 83-28 

0 0 

0 0 


9Q-Q3 

89-06 


87-22 

87-01 

86-15 

85-31 

85-16 


07409 1ST 07387 
07466 07497 07440 
07525 03535 07515 
0.7582 ■ 0 ffl 

07639 07635 03623 


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07418 

07476 

07531 

07592 

07680 


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9090 9087 9087 

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9137 Dk 
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9332 9382 9362 

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9265 

92.44 

9236 

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9L40 

9135 

90.93 

9074 


4 !® 

9252 

9210 

9131 
9L43 
9L22 

9132 
9006 


92.43 

9224 

9L90 

9155 

9L27 

9L04 

9032 

9065 


tai 

924* 

9250 

*18 

9L74 

9L46 

9123 

9133 

9086 


Dec. l£S 16% 15750* 

Mar. 16430 16450 16400 


16150 Dee 
16630 Mar 


07294 OTjS 07250 
0.7961 07300 07310 
07429 07450 07385 
07504 0JS25 07520 
0 © § 


EURO-CURRENCY INTEREST RATES 


CiUiMliri Ww 2564 4954 
Pantan Wm to. 8957 (8799 


i9 

1975-1001 


OTHER CURRENCIES 



.*149250-0.4 


6.9540-73470 
126095-26125 
101285-101910 
■73350-73750 
1 232.40-23640 
138400-13.9400 1 
■■11230* 
341630-142090 1 
^^M493500T 
■625562.45 | 
4.4125-4.4500 
296595297235 
2839523*95 
66790-6687Q 
96330-36630 
3.4865-3.5025 
5.974061820 
5320-5350 
66515-65575 


3.900-3.9500 

1.4630-1.4640 

56.7910-73750 

42330-41350 

13050-13270 

78075-73005 



7 Dm 






11m 


7V7«| 


Six 


SS 


Prw. 

0.7260 

67328 

07396 

07476 

0 


sigt Moure nnwuit* 

StaatotoallOK 


S*» 


Le&siS. Sp E5? 5®T 

24010 25820 24830 25640 
25050 29155 24940 25680 
25230 2KL1D 25150 29070 
2S5JO . 26460 25490 262.10, 


Financial Tinici* MtMitla) November v ivsi 

r 


CM&M 

Global Maricrt Makers 

• US.^3mimert?Sirides 

■ Financial Futures " R?«d Income Option 

• Money Maitet Inttrumente 



> id 


Nippon ShoKubal Kagaku Kogyo Co., Ltd. 


U.S.$80, 000,000 ^ 

2 Per cent. Guaranteed Bonds Due 1992 
with 

Warrants 

to subscribe for shares of common stock of 
Nippon ShoKubal Kagaku Kogyo Co. Ud. 


9th November 1987 


To the warra n t h oWera 


Pursuant to the Instrument relating to the traptioned 
warr&oits,we herby notify that due to a free djstrmuttontf 
shares to be made to shareholders of record as o#30th 
November, 1987, the subscription price will be actuated as 
foflows. 

subscription price before a^ustmenfc 

subscription price after adjustment 
effective-date of the adjustment 


Yen 1,200 per share 
Yen 1,090.9 per share 
1st December, 1987 
(Japan time) 

Nippon Shokubal Kagaku Kogyo Go^ Ltd. 




]W ,~ *- 


■ NreiBt to l laM m of 

7% Convertible S*ri*o»rfirate OWxntms 
Due 2801 of 


W. R. Grace & Co. 


Panast to Section 1305 of the Indentare dated u of F « hnttry 1 . 1386 from W R. Giace & 

' Cp.^ ^ fthe "Cottpony^ to Mrem&ctorera Hum 1Vn« CmnpiaK ltoto rerth raspntto the 
! abo»c-cptkr«i'd DtWtmts, notice i. hereby given that the Bond of Directors at the 
Company on October 1 , 1987 approved > 100K atodc ttividend on the Common Stock p*r 
vain. SI .00 per share, of the Company, payable on December 10. W87 in tbcfiKmefoae- 

nntstHlirfing share of Common Stock held of 

bmriattheX^ofba^^^ovmnbrefi. 19877«3}ect. ho»w*i to approvnl hy the 

nhMnhohioaofth* Company u a meetir«ha)d on October 30, 1887 ofthe amendment of the 
Hmtnted Catificme of laeoivontion of the Company to, amonc other things, mcnaae the 
■number of share, of Common Stock dint the Company is authorized tore 


, -i> ■- r 
•*,»: - u 




i. 


■TheuMnh 


thube 


ed, and die Coovreatan Plriceof the Debentmto hen. m 
ilndanmre. been redoced to one-half the prior nmotmt 


noconianM with Sectun 1304 iri the 1 

efl«iiveni the opening of basixio« on November ft lS87.no that upon n con vmman after die 
■lock dividend record date a hoMm of the Debenture anil be entitled to receive the eame 
'munhmofehartoofCoznmon Stuck of the Company ae would have been reemved had die 
conversion been made immediately prior to the record date. The Conversion Prut has 


sssfswcr* 


g har » of Common 

. This Notice is not a call far redemption nor a angnaetion that converswo righte be. 
[e r ri r riff r 1 . m — * — — t 1 *** —it ~***" yuiAwrf4.n A. i jM . 

W. (L Grace 6 Co. 

Dated: No-ember ft 1967 


Sep. 


CMm M* Low 

9263 9267 92.43 

9244 9252 9224 

9166 92J0 91.90 

91.70 9L71 9155 

9L40 9153 9L27 

91-13 9022 9LU4 

90.93 9132 9032 

9074 9036 9065 


797-10-803.70 

O27615-0Z762S 

34.95-1535 

24915-2.4935 

166330-166530 

15960-159B5 

3.7440-3.7460 

2.0475-23490 

2.9UO-2-964S 

33615-3.4785 

2935-29.95 

36725-36735 


t yon 106 per 


H. Start tern reto areal far lis Dolan eel Japanese 1 


;rta\M$ 



Dec. 


EXCHANGE CROSS RATES 


Ctae HMi Lre» Has. 
8826 90J2 8015 8930 

8727 8U1 8014 8930 

Btitotto Wtone 1Q513 11534 
P i i iIc m *8 *1 m m to. 13333 005411 


FORWARD RATES 
AGAINST STERLING 




i 

nob 

2 

eitoi 

b 

mthf 

12” 
rrnln . 

USOaUar 

Sure* 

FiMCti Fr. 
Sote Fr. 
Yen 

m 

m 


| 

| 



How* 

2 

8 

DM 

Yto 

FI9. 

Sft. 

Ha 

Ura 

CS 

IO 

8 

1 

1783 

2908 

2413 

1036 

2463 

3363 

2207 

2354 

6240 

5 

0361 

1 

1676 

1363 

5695 

13U 

138b 

1238 

1320 


DM 

0335 

OS97 

1 

8075 

3399 

0824 

1326 

7386 

0788 

2089 

YEN 

4145 

7391 

1238 

1000 

4239 

1021 

13.94 

9146 

9755 

2507 

Fft. 

0.985 

1756 

29421 

2376 

10 

2425 

33U 

2173 

2318 

6145 

SFr. 

2406 

0724 

1713 

97.97 

4334 

•1 

1365 

8963 

0956 

2534 

H FL 1 

0297 : 

0330 

CLUB 1 

7175 

3320 

0732 

1 

6562 

0700 

1856 

Lire 

0453 

0800 

1354 

1093 

4602 

1.116 

1324 

1000 

1367 


cs 1 

0425 j 

0790 ! 

1769 | 

1025; 

4315 1 

1346 j 

1-429 

9373 

1 

2651 

BFr. ■ 

1603 1 

2857; 

4.7881 

tafr.fr 

1677 i 

3.946 

5389 

35)6 

3.772 

100 


Ytoper yak Freeck ft. perlDEUm per 1000; DeWm Fr. par MO. 


CURRENCY FUTURES 


WWW 6 W pw Bii BO 


l-oth. 3-tok. 6-zak. 12-rtk 
1.7816 1.7780 17719 L7645 


■HTDUMkret 


Frea. 

1-7805 „ __ ' : 

1.7760 L7840 17600 17715 
17705 17760 17645 17665 


^ IwS 17720 17760 


UFFE4TnUNB OUH | jm ■ 


liSa itSS ^ 


17775 

17725 

1830 

P Wdem tort epw to. 166 0641 


17757 17443 

17400 

17340 


MONEY MARKETS 


A general round of interest rate cuts 


THU BANK of England resisted a 
further cut in UK bank base 
rates on Friday, but opinion sug- 
gested a reduction is not out of 
the question this week. 

Wednesday's signal that base 
rates should be cut by Vi p.c. to 9 
p.c. resulted from a very weak 
stock market in London and a 
rise in the value of the pound. 
The market then continued to 

E ush for another lowering of 
ase rates, and can probably 
draw encouragement from 


UK clearing bank base 
le n ding rate 9 per cent 
from November B 


events in Europe last week, 
where the Dutch National Bank* 
and Swiss National Bank cut 
their discount rates, and the 
West German Bundesbank re- 
duced its Lombard rate. 

Interest rates and sterling are 
unlikely to be influenced by this 
week’s list of UK economic news, 
although the Bank of England 


Quarterly Bulletin on Thursday 
may provide sought after views 
on recent events and economic 
policy. 

There Is a difference of opin- 
ion on input prices in today's 


October UK 


producer prices. 
James Capel expects a fell of 0-2* 


p.c., and Green well Montagu Re- 
search forecasts a rise of 0.8 p.& 
Output prices are expected to 
rise 0.2 pA to 0.4 p.c. 

On Thursday October unem- 
ployment will be shown to have 


fallen by around 40,000 accord-, 
ing to the general level of forex 
casts, and the underlying rise in 
average earnings is Ckely to be, 
steady at Vh p.c. 

According to Morgan Grenfell; 
County NatWest; James Capel; 
and Phillips and Drew, UK retail] 
prices will have climbed 0.8 p.c.' 
in October, but Nomura and 
Greenwell Monatagu expect 0.2 
p.c. The year-on -year inflation 
rate is forecast at 42 px. or 4-2 
P-c- 


FT LONDON INTERBANK FIXING 


MONEY RATES 


0130 jjb. Mata 22} 

3 mootta US dsBan 

6 nontls US Dotes 

BST5 f 

noer 7% “ 

aw 7i* j STS 


NEW YORK 


to i — 

Two moat*. 


Troasnry Bills ari Bomb 

*55 Tbrnymr. 


Tbr IMag r*n am tf* •OfcnwOe aearn nmdw t» me newmt « 
sore reoW 4r 0* mitort » Of* wsrmej tafe re 1130 m m* « 
WMiMr Bjd*. Bank of Takn, Dcobdkc 8**, Bawqoc NMInml to Preti I 


al till bM md offered wts far 

%. Tto Into 

Mbigm Coraiai TnL 


FidJtoH. 


s asat 
a s:s= 


«* 2s&- 

*NC JfHf •• 


536 

638 

60S 

760 


.7.92 

-BJZ 

.829 


BANK OF ENGLAND TREASURY BILL TENDER 



Houb 

0030 


Nor* 

0030 1 

Toiriel wikafeicre 

tlOOa 

£954m 

QOOm 

£97,93 

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IS OR 



But do vou know 

WHICH DIRECTION TO GO? 


Institutional investors are again looking at 
gilts as the major alternative to equities. 

The problem is that for some, the gSt market 
is unfamiliar te rri t or y. 

Although gilts have a dreary image, the 
reality is altogether different. Gilts can be as 
exciting as any other investment vehicle. 

While the rate on gilts is fixed, market 
movements can frequently create opportunities to 
achieve profit • 

Dearly, the successful management of a gilt 
portfolio requires specialist expertise. Expertise 
that's backed by proven performance. 

At Reserve Asset Managers we offer that 
expertise backed up by many years of experience. 

We specialise exclusively in fixed-interest 
investments. 

Furthermore, we are completely independent 


Our role is purely to provide advice and 
investment management services on an agreed fee 
basis. We do not charge for transactions nor are 
we involved in any market-making activities, in - 
this way, we can act solely in our clients' interests. 

We do not claim to be able to identify exact 
high and low points. However; as our performance 
record shows, we have been able to forecast major 
trends with great confidence and consistency. 

Our clients include pension funds, merchant 
banks, building societies, insurance companies, 
charities, stockbrokers, and a variety of 
Investm ent management or ganisatio ns 

If you would Hke more irrformarion about 
Reserve Asset Managers and how we help clients 
to find their way through the complexities erf the 
gib market, please contact George McNeill an 
01 - 2834985 . 


Reserve Asset Managers Limited 

Licensed Dealers 2u Securities 


The specialists in Gilt ami Fixed Interest hrvestment 

3 Gractchurch Stheet London ec3voab Telephone: 01-283 4985 Fax: oi-623 342b 




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